ASA International Group PLC (GB:ASAI) has released an update.
ASA International Group PLC, a leading microfinance institution, reported a net profit of USD 8.8 million for FY 2023, down 51% from the previous year amid foreign exchange challenges and the application of hyperinflation accounting in Ghana and Sierra Leone. Despite the decline, the company saw a second-half improvement with a 10% growth in its Outstanding Loan Portfolio (OLP) and strong contributions from markets like Pakistan, the Philippines, Ghana, Kenya, and Tanzania. Looking ahead, ASA International is optimistic about 2024, expecting continued business performance improvements, albeit with caution regarding inflation and currency fluctuations.
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