By Llywellenie Mpasa:
Polymed Sacco has declared a profit of K200 million for the financial year ending December 31 2023.
Polymed Sacco Board Chairperson Samson Kalulu said the performance reflects the Sacco’s strides to attain its ambitious growth trajectory and members’ commitment to excellence.
Addressing the 27th annual general meeting in Blantyre, Kalulu said the performance solidifies Polymed Sacco’s position as one of the innovators in the financial services sector.
“We firmly believe in the power of numbers. Our path to greatness lies in substantial growth, a goal which Polymed Sacco passionately pursues,” he said.
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Kalulu said amid challenges such as member withdrawals due to job redundancies and economic hardships, as well as instances of delinquency, the Sacco demonstrated resilience.
The Sacco has since declared a 50 percent dividend, reaffirming its commitment to value creation and shareholder contentment.
Kalulu outlined the growth metrics for the year 2023, which underscored Polymed Sacco’s performance.
The Sacco also saw substantial growth in its membership base, reaching 8,365 in 2023, reflecting a notable 26 percent increase from 6,634.
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The Sacco’s accolades for the year included being named the first runner-up for the best-performing Sacco in Malawi, achieving over a 50 percent increase in surplus and being recognized as the best member recruiter in Chapter One.
“We remain steadfast in our focus on growth, innovation and member satisfaction,” Kalulu said.
Registrar at Kamuzu University of Health Sciences Christopher Namagowa, who was the guest of honour at the AGM, underscored the importance of a saving culture, calling on Malawians to inculcate it.
“Saccos provide avenues for savings, access to credit facilities and investment opportunities, particularly for individuals from marginalised backgrounds,” he said.
Anita Subili, a staff member of Great Beginning Schools and an active participant in Polymed Sacco, highlighted the tangible benefits of Sacco membership.
She cited access to affordable credit, competitive interest rates on savings and investment opportunities as key advantages.
