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Letshego Holdings Namibia (LHN) reported results for the year ended 31 Dec ’21. The results are a mixed bag, with earnings decreasing 5.5% to NAD303 million – better than our forecast of NAD290 million. The company declared a final dividend of 29.52cps, bringing the total dividend for the year to 45.5cps, implying a 75% payout ratio and 28.8% dividend yield on the last-traded price.