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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Asa International Group Plc | LSE:ASAI | London | Ordinary Share | GB00BDFXHW57 | ORD GBP1 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.25 | 1.84% | 69.25 | 68.50 | 70.00 | 69.50 | 67.00 | 67.00 | 4,655 | 16:35:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMASAI
RNS Number : 4150Q
ASA International Group PLC
26 February 2021
ASA International Group plc January 2021 business update
Amsterdam, The Netherlands, 26 February 2021 - ASA International, ("ASA International", the "Company" or the "Group"), one of the world's largest international microfinance institutions, today provides the following update of the impact of COVID-19 on its business operations as at 31 January 2021.
-- Liquidity continues to remain high with approximately USD 109m of unrestricted cash and cash equivalents across the Group on 31 January 2021.
-- The pipeline of funding deals under negotiation totalled approximately USD 226m.
-- With the exception of India, the Philippines, Myanmar, and Uganda, all other operating countries achieved collection efficiency of more than 90% in January.
-- India marginally improved collections to 83% by the end of January as collections continue to be adversely affected by possible local Government regulatory changes in Assam, which also affected neighbouring districts in West Bengal ( Jalpaiguri and Cooch Behar). In addition, collections also remained weak in in southern districts of West Bengal, including the Midnapore and the 24 Parganas, which were most severely affected by the cyclone Amphan in May 2020 .
-- The Philippines improved collections to 80% by the end of January 2021 with no additional moratoriums granted within the month.
-- Uganda significantly improved collections reaching 89% by the end of January 2021.
-- Collections in Myanmar remained stable at 89-90% following the end of the Government lockdowns in Yangon and Bago Region. We expect some disruption to operations in February following the military's takeover of the Government and ongoing nation-wide protests.
-- Disbursements as percentage of collections exceeded 100% in many countries with the exception of India, Pakistan, Tanzania, Uganda, and Rwanda.
-- As a result, the number of clients and Gross OLP continued to gradually increase reaching approximately 2.4m and USD 449m (3% less than J an uary 2020), respectively, across the Group.
-- The moratoriums granted for January 2021 amounted to USD 601K and were limited to the operations in Sri Lanka and Myanmar (lockdown Yangon and Bago Regions).
Health impact of COVID-19 on our communities
-- The immediate health impact of COVID-19 on the Company's operations remain ed low with 114 of our over 12,500 staff members confirmed as infected since March 2020 , but with no deaths . Since March 2020, confirmed infections amongst our 2.4m clients increased from 1,536 at end of December 2020 to 1,632 as at 31 January 2021, resulting in 27 deaths since the start of the pandemic.
Funding
-- Unrestricted cash and cash equivalents remain high at approximately USD 109m on 31 January 2021.
-- The Company secured approximately USD 29m of new loans from local and international lenders in January 2021.
-- The majority of the Company's USD 226m pipeline of future wholesale loans are supported by (agreed) term sheets and/or draft loan documentation. The terms and conditions of the remaining loans are being negotiated with lenders.
Collection efficiency until 31 January 2021 (1, 2, 3)
Countries 2020 2021 01-15 16-31 01-15 16-30 01-15 16-30 01-15 16-31 Oct Oct Nov Nov Dec Dec Jan Jan ------ ------ ------ ------ ------ ------ ------ ------ India 77% 76% 78% 77% 79% 82% 81% 83% Pakistan 97% 97% 97% 97% 98% 96% 98% 98% Sri Lanka 90% 83% 79% 94% 94% 96% 100% 94% The Philippines 65% 68% 69% 75% 76% 59% 71% 80% Myanmar 65% 75% 86% 88% 90% 91% 90% 89% Nigeria 93% 94% 94% 95% 96% 97% 93% 97% Ghana 99% 100% 100% 100% 100% 100% 99% 99% Sierra Leone 99% 99% 94% 91% 96% 90% 95% 95% Kenya 84% 91% 95% 90% 92% 97% 96% 97% Tanzania 99% 99% 99% 100% 100% 99% 99% 99% Uganda 72% 78% 82% 80% 83% 82% 85% 89% Rwanda 86% 91% 93% 88% 90% 92% 93% 93% Zambia 99% 99% 100% 100% 100% 100% 99% 100% ----------------- ------ ------ ------ ------ ------ ------ ------ ------ (1) Collection efficiency refers to actual collections from clients divided by expected collections for the period; since any moratorium on the repayment of loans are only granted to clients after the end of the month, the collection efficiency is not affected by the grant of such moratorium. (2) As of December 2020, the definition of collection efficiency has been amended in view of the increased amount of overdue collection and advance payments in various countries to: the sum of actual regular collections, actual overdue collections and actual advance payments divided by the sum of expected regular collections, actual overdue collections and actual advance payments. This also means that collections efficiency no longer can exceed 100%. (3) In November and December 2020, collection efficiency in Myanmar excludes the branches in Yangon and Bago Region, which were under strict lockdown during these months.
-- Collection efficiency across the Group remained stable in January in all countries with the exception of the Phi lippines and Uganda which saw an increase .
-- Collections in India increased marginally in January, as the environment remains challenging due to possible government intervention in Assam (approximately 16% of ASA India's loan portfolio) ahead or after scheduled elections, which adversely affected collections not only in Assam, but also in neighbouring districts in West Bengal, such as Jalpaiguri and Cooch Behar. Collections also remained relatively weak in southern districts of West Bengal, including the Midnapore and the 24 Parganas, which were most severely affected by the cyclone Amphan which hit West Bengal in May 2020.
-- In the Philippines, the government imposed 60-day grace period for the repayment of loans ended in December 2020 which contributed to an improvement in collections.
-- Despite that collections in Yangon and Bago divisions started again in January, after a two months lockdown, overall collection efficiency remained stable at 89-90%.
-- U ganda significantly improved collections reaching 89% by the end of January 2021.
Disbursements vs collections of loans until 31 January 2021 (4)
Countries 2020 2021 01-15 16-31 01-15 16-30 01-15 16-30 01-15 16-31 Oct Oct Nov Nov Dec Dec Jan Jan ------ ------ ------ ------ ------ ------ ------ ------ India 91% 68% 81% 72% 79% 81% 83% 96% Pakistan 99% 99% 99% 99% 99% 108% 95% 99% Sri Lanka 17% 135% 45% 89% 108% 148% 61% 129% The Philippines 74% 96% 55% 107% 99% 108% 124% 102% Myanmar 24% 44% 88% 132% 110% 150% 130% 158% Nigeria 152% 136% 172% 162% 139% 61% 35% 100% Ghana 116% 95% 118% 112% 129% 117% 68% 119% Sierra Leone 123% 116% 100% 101% 113% 104% 53% 124% Kenya 92% 103% 91% 110% 122% 98% 67% 126% Tanzania 101% 106% 93% 90% 100% 75% 61% 96% Uganda 88% 95% 95% 100% 113% 35% 20% 71% Rwanda 83% 87% 102% 112% 122% 102% 56% 64% Zambia 93% 86% 85% 109% 110% 73% 114% 160% ----------------- ------ ------ ------ ------ ------ ------ ------ ------ (4) Disbursements vs collections refers to actual loan disbursements made to clients divided by total loans collected from clients in the period.
-- With the business environment continuing to improve in most countries, disbursements of fresh loans continued to increase in amount and as a percentage of weekly collections, with the exception of Pakistan, Uganda, and Rwanda.
Development of Clients and Outstanding Loan Portfolio (5) until 31 J anuary 2021
Gross OLP (in Clients (in thousands) Delta USDm) Delta Jan/20- Jan/20- Dec/20- Jan/20- Dec/20- Jan/21 Jan/21 Jan/21 Countries Jan/20 Dec/20 Jan/21 Jan/21 Jan/21 Jan/20 Dec/20 Jan/21 USD CC USD India 738 714 719 -3% 1% 183 167.1 167.6 -8% -6% 0% Pakistan 436 421 426 -2% 1% 63 64.5 66.1 5% 9% 2% Sri Lanka 62 56 56 -11% 0% 9 9.2 9.0 -3% 2% -2% The Philippines 340 299 305 -10% 2% 52 50.3 49.5 -5% -10% -2%
Myanmar 153 129 132 -14% 2% 33 30.7 33.4 2% -8% 9% Nigeria 251 253 248 -1% -2% 30 32.5 31.2 3% 8% -4% Ghana 160 158 153 -4% -3% 41 42.5 42.6 3% 9% 0% Sierra Leone 34 36 37 10% 3% 3 4.3 4.5 63% 71% 6% Kenya 101 92 95 -6% 3% 17 13.1 13.0 -25% -18% -1% Tanzania 122 121 125 2% 3% 20 21.6 21.6 7% 8% 0% Uganda 100 81 80 -20% -2% 10 8.2 7.4 -25% -25% -9% Rwanda 21 19 19 -12% -3% 3 3.0 2.8 -2% 1% -5% Zambia 2 5 6 133% 8% 0 0.4 0.5 129% 231% 17% Total 2,520 2,384 2,400 -5% 1% 465 447 449 -3% -2% 0%
(5) Gross loan portfolio including the off-book BC and DA model, excluding interest receivable and before deducting ECL provisions and modification loss.
-- With disbursements gradually increasing in many operating countries , Gross OLP increased to USD 449m in Janua ry 2021 compared to the previous month and ended up 3% below January 2020 in USD.
Selected moratorium (6) on loan repayments until 31 Janua ry 2021
Clients under moratorium As % of Countries Mar/20-June/20 Jul/20 Aug/20 Sep/20 Oct/20 Nov/20 Dec/20 Jan/21 Total Clients India 182,318 181,878 165,618 0 0 0 0 0 0% Pakistan 0 0 0 0 0 0 0 0 0% Sri Lanka 37,891 9,002 78 116 23,430 0 10,634 9,010 16% The Philippines 203,513 65,405 59,626 100,427 95,241 80,800 57,511 0 0% Myanmar 51,858 7,876 15,308 32,118 64,501 8,899 85,970 17,563 13% Nigeria 14,565 9,763 0 0 0 0 0 0 0% Ghana 0 0 0 0 0 0 0 0 0% Sierra Leone 2,652 1,178 0 0 0 0 0 0 0% Kenya 55,257 26,697 0 0 0 0 0 0 0% Tanzania 9,679 0 0 0 0 0 0 0 0% Uganda 83,629 59,563 49,897 3,557 0 0 0 0 0% Rwanda 16,068 4,703 2,800 0 0 0 0 0 0% Zambia 0 0 0 0 0 0 0 0 0% Total 657,430 366,065 293,327 136,218 183,172 89,699 154,115 26,573 1.1% Moratorium amounts (in USD thousands) January As moratoria % of as % Total Countries Mar/20-Jun/20 Jul/20 Aug/20 Sep/20 Oct/20 Nov/20 Dec/20 Jan/21 Total of OLP Moratoria India 5,831 5,438 3,706 0 0 0 0 0 14,975 0% 23% Pakistan 0 0 0 0 0 0 0 0 0 0% 0% Sri Lanka 1,122 241 2 23 255 0 194 175 2,013 2% 3% The Philippines 7,260 2,131 2,275 3,966 4,950 3,932 2,259 0 26,772 0% 42% Myanmar 1,129 245 396 850 1,912 241 4,190 426 9,388 1% 15% Nigeria 603 431 0 0 0 0 0 0 1,034 0% 2% Ghana 0 0 0 0 0 0 0 0 0 0% 0% Sierra Leone 30 20 0 0 0 0 0 0 50 0% 0% Kenya 3,934 796 0 0 0 0 0 0 4,730 0% 7% Tanzania 266 0 0 0 0 0 0 0 266 0% 0% Uganda 1,801 1,559 1,174 157 0 0 0 0 4,692 0% 7% Rwanda 382 124 75 0 0 0 0 0 581 0% 1% Zambia 0 0 0 0 0 0 0 0 0 0% 0% Total 22,358 10,987 7,627 4,996 7,117 4,173 6,643 601 64,502 0.1% 100.0%
(6) Moratoriums relate to clients who have received an extension for the payment of one or more loan instalments during the month.
-- Moratoriums on loan repayments were granted to clients in Sri Lanka and Myanmar and amounted to USD 601k, which represents 0.1 % of the Group's Gross OLP for the month.
Please note that, while the Company's operational performance appears to gradually normalize, the risk of further challenges to our operations should not be underestimated due to (i) the still relatively high infection rates, (ii) the current lack of available vaccines in almost all our operating countries, (iii) the risk of the introduction of the more infectious COVID-19 variants in our operating countries as have been recently observed in the United Kingdom and South Africa, and (iv) the associated disruption this may cause to the businesses of our clients.
---
Enquiries:
ASA International Group plc
Investor Relations +31 6 2030 0139
Véronique Schyns vschyns@asa-international.com
About ASA International Group plc
ASA International is one of the world's largest international microfinance institutions, with a strong commitment to financial inclusion and socioeconomic progress. The company provides small, socially responsible loans to low-income, financially underserved entrepreneurs, predominantly women, across South Asia, South East Asia, West and East Africa.
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February 26, 2021 02:01 ET (07:01 GMT)
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