By Aduragbemi Omiyale
A global provider of transformational household products and affordable finance for low-income households, d.light, has achieved its highest ever quarterly revenue and profits in the second quarter of 2024.
In a statement to announce its financial performance between April and June 2024, the company attributed this achievement to its improved operational efficiencies.
It was this was specifically due to its expansion drive in the sub-Saharan Africa region, noting that it penetrated more markets in the area, assuring that it was on course to hit its target of 60 per cent year-on-year revenue growth this financial year.
The firm disclosed that the use of securitized receivables financing facilities helped in executing the expansion strategy in the region through the provision of affordable solar-powered products to low-income households and rural communities.
d.light explained that this contributed to the increase in sales, with the India market also recording a significant growth for the organisation with over 73 per cent growth during the last year.
The firm stated that since the beginning of 2020, it has set up five securitized finance facilities in Sub-Saharan Africa with a combined total value of $718 million, including two in Kenya: one each in Nigeria and Tanzania: and earlier this month a new $176 million facility for Kenya, Tanzania and Uganda.
“We’ve set ourselves ambitious growth targets for this financial year and our record-breaking results in Q2 demonstrate that we’re capable of reaching new heights in the coming months.
“d.light has been EBITDA profitable for several years and we are thrilled to announce our first-ever net income profitable quarter.
“It’s a true indicator of long-term sustainability for d.light and for the PayGo business model, and is a critical milestone for achieving our goal to transform the lives of one billion people by 2030,” the chief executive of d.light, Mr Nedjip Tozun, stated.
“Over the past few years we’ve steadily grown our presence in Sub-Saharan Africa. Expansion in Sub-Saharan African countries – including Nigeria, Kenya, Tanzania and Uganda – has improved the day-to-day lives of millions in these countries who live without access to a reliable electricity supply.
“We’ve championed securitization as a financial tool for growth ever since we established our first facility back in 2020. The financing that we’ve closed since then has enabled d.light to reach more people and maximise our positive impact,” he added.