Safaricom Investment Co-operative Society Endorses KSh 142.4M Rebate Payout
During Safaricom Investment Co-operative’s 15th Annual General Meeting, shareholders approved a rebate payout of KSh 142.4 million.
This rebate announcement came after Safaricom Investment Co-operative Society realized a net profit of KSh 203.4 million for the fiscal year ending December 31, 2023. In comparison, the society had reported net profits of KSh 266 million in 2022. The 2023 net profit reflects an 8.1% return on the members’ capital of KSh 2.5 billion.
The society’s total revenue from land and housing operations during the period was KSh 1.5 billion, slightly lower than the KSh 1.8 billion recorded in 2022. Land transactions remained the primary revenue source for Safaricom Investment Co-operative, making up 90% of total revenue and generating a gross revenue of KSh 1.4 billion, with a net profit of KSh 428.7 million during the same period. On the other hand, the housing segment contributed KSh 51.6 million to the overall revenue.
Sarah Wahogo, Chairperson of Safaricom Investment Co-operative, commented, “The year 2023 marked significant progress aligned with our 2023-2027 Strategic Plan. We achieved notable milestones in automation, improved customer experience, and expanded our market presence to include diaspora markets like the USA, Burundi, Uganda, Rwanda, South Sudan, Oman, and the United Kingdom. Additionally, we explored new business lines such as e-commerce and value-added services while optimizing internal processes for better efficiency. We are committed to regaining momentum and driving profitability through careful financial management, operational excellence, and strategic investments in growth areas.”
Additionally, the Chairperson announced the departure of Safaricom Investment Co-operative CEO, Sarah Wahogo, who is stepping down to pursue personal interests. Stephen Mbugua, Finance Manager, will serve as Acting CEO during the transitional period while the Society begins the recruitment process for a new CEO.
Established in 2009, Safaricom Investment Co-operative has actively participated in the real estate sector. Its members include current and former Safaricom Ltd employees as well as members of the public. Currently, the co-operative oversees over 100 land projects across 14 counties and manages 6 housing projects.
