Safaricom Investment Co-operative shareholders have approved a KSh 142.4 million rebate payout during the 15th Annual General Meeting.
- •The payout comes after the Safaricom investment co-operative Society reported a KSh 203.4 million in net profit for the year that ended 31st December 2023.
- •The society reported net profits of KSh 266 million in 2022.
- •The 2023 net profit represents an 8.1 per cent return on the members’ capital of KSh 2.5 billion.
The total revenue from land and housing for the society over the period stood at KSh 1.5 billion, a decline from KSh 1.8 billion recorded in 2022. Land business continues to be Safaricom Investment Co-operative’s biggest contributor to total revenue as it returned 90 per cent of the total revenue delivering a gross revenue of KSh 1.4 billion, with a net profit of KSh 428.7 million in the same period. The housing unit on the other hand contributed KSh 51.6 million to the total revenue.
“2023 was a year of great strides anchored on our 2023-2027 Strategic Plan with our success in automation, customer experience, expansion of diaspora markets from the USA to Burundi, Uganda, Rwanda, South Sudan, Oman, and the United Kingdom as well as set up of new business lines through our e-commerce and value-added services while driving internal efficiencies,” said Safaricom Investment Co-operative Chairperson Judy Runo, “We are committed to regaining our momentum and getting back on track with profitability through prudent financial management, operational efficiency, and strategic investments in areas with growth potential.”
The Chairperson also announced the exit of Safaricom Investment Co-operative CEO Sarah Wahogo who will be leaving to pursue personal interests. Finance Manager Stephen Mbugua will be the acting CEO as the Society undertakes the process of finding the next CEO to take up the Society’s mantle.
- •Safaricom Investment Co-operative was set up in 2009 and has been in the real estate space since.
- •It draws its membership from the current and former staff of Safaricom Ltd and the public at large.
- •It currently has over 100 land projects in 14 counties, and 6 housing projects.
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