Lilongwe University of Agriculture and Natural Resources (Luanar) Savings and Credit Cooperative (Sacco) posted a K110 million profit in 2023, a published financial statement shows.
This came out during the Sacco’s Annual General Meeting (AGM) which took place at the Natural Resources College in Lilongwe on Saturday.
Deputy Vice Chancellor, Agnes Mwangwela, said she was impressed with the performance of the Sacco.
“As you are aware, there are many challenges affecting the economy. The fact that the Sacco has managed to make a profit shows that we have managed to grow in a tough year like this one. However, as we grow, we would like to grow in investment portfolio so that we also contribute to the growth of wealth, not just savings,” Mwangwela said.
Some of the specific challenges which the Sacco’s outgoing president Sebastian Phiri highlighted at the AGM are inflation, currency devaluation, foreign exchange shortage and fuel scarcity.
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He said it is a great achievement to make a profit in such a context.
“We have managed to make a profit of K110 million, which is no mean achievement in the history of our Sacco. If the challenges that I have highlighted were not there, we could have done much more, perhaps we could have hit K150 million,” he said.
According to the financial statements, the Sacco also managed to grow its assets from K756.5 million recorded in 2022 to K968.5 million in 2023. In 2024, the cooperative projects to further grow its assets to K1.2 billion.
