Safaricom Investment Co-operative Shareholders Approve Ksh 176.9 Million In Dividends

By Soko Directory Team / Published February 20, 2023 | 3:53 pm

KEY POINTS

The growth in profit is attributed to an increase in land revenue that grew by 92 percent to 1.8 billion shillings up from 949.8 million shillings and housing revenue that grew by 15 percent to 86.7 million shillings up from 75.3 million shillings realized in 2021.

KEY TAKEAWAYS

Total assets for the year grew to 5.7 billion shillings up from 5.2 billion shillings reported in 2021. This was attributed to the growth in trade receivables, cash, and bank balances, and current assets held for sale.

Safaricom Investment Co-operative shareholders have approved a 176.9 million shillings dividend payout at the 14^th Annual General Meeting. This translates to a 7 percent per share dividend up from 4.69 percent per share paid in 2021.

This pay-out comes after the Society posted a 542.9 million shillings gross profit, compared to 396.3 million shillings posted in 2021.

“Our financial performance has improved across all metrics, and this would not be possible without the collaborative efforts of the team. We continue to implement innovative solutions that have cemented our performance through adverse economic times and those that focus on driving value to our investors,” said Safaricom Investment Co-operative Chairman Peter Gichangi during the AGM.

Consequently, total expenses for the year grew by 19 percent to 238.5 million shillings up from 200.4 million shillings. This jump in expenses was driven by the administration and personnel costs of the organization.

“Our goal at SIC is to create a model investment cooperative. To achieve this, we have started the process of automating our systems and adopting new technology to help us optimize operations and capitalize on market opportunities. We have also onboarded new staff members to increase capabilities in the organization and to streamline our skill set so that we can achieve better results,” said Safaricom Investment Co-operative CEO Sarah Wahogo.

The sale of land continues to be the main revenue driver for the Society, accounting for 92% of the overall revenues.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team