According to its latest financial filings, Harambee Sacco’s total earnings for the full year of 2022 crossed the KES 5 billion mark for the first time in the firm’s history.
Total revenues before tax for the period ended 31st December 2022 hit KES 5.01 billion from the KES 4.22 billion posted a year earlier.
The 52-year–old savings and cooperative society attributed the improved performance to increased loan uptake, institutional strengthening, and electronic payment systems, noting that it was now making all its transactions via its mobile money platform, M-cash.
“We now have 98 per cent of our services and products available on the self-service mobile platform. Our endeavor going forward is to ensure that Harambee Sacco is 100 per cent mobile operated and we are continually putting systems in place to achieve this set goal,” noted Harambee’s chief executive George Ochiri.
Total assets grew to KES 37.01 billion in the period under review from the KES 34.6 billion it recorded in a similar year in 2021.
“We broke the ceiling with our performance. With “Mteja Kwanza” as our overriding theme for FY2022, the Society was able to deliver a robust financial performance driven by the fact that we had put our members at the forefront of our business and operational focus,” George Ochiri.
Operation costs increased from KES 2.1 billion in 2021 to KES 2.5 billion last year due to higher financial expenses and administrative costs.
The Sacco, which holds its 52nd annual general meeting (AGM) today, is eyeing 15,000 additional members to increase annual revenue and raise its total assets to KES 40 billion this year as part of its 2021 – 25 Strategic growth agenda.
“The board and management are working on ways and systems that will see Harambee Sacco move a notch higher in 2023, a factor whose ripple effect will ultimately be felt by the shareholder cum customer,” said its national chairman Macloud Malonza
Read also; Harambee SACCO Resumes Sale of Assets to Boost Liquidity.
