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Sunbird Sacco profits hit K34m in 2015

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One of the country’s savings and credit cooperatives, Sunbird Sacco has posted a profit of K34.110 million for the year ended December 31, 2015.

The profit is 36 percent more than the K25 million posted during the 12 months of 2014.

Sunbird Sacco Chairperson Foster Chindebvu described the year 2015 as good for business, though he was quick to point out that the year had many challenges.

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“If you remember, inflation was very high in 2015 coupled with a falling kwacha. Again due to the tough economic environment that prevailed, there we pockets of delayed remittances of members’ contributions. This affected us in some ways,” said Chindebvu on the sidelines of the Sunbird Sacco annual general meeting in Blantyre on Saturday.

He observed that the strategies the board and management of the Sacco put in place to contain expenses and grow loan portifolio helped to achieve the profit growth.

The AGM agreed that members should share K17 million or 50 percent of the profit as dividends and to reinvest the other sum.

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Looking ahead, Chindebvu said the operating environment remains tough in the country but was optimistic the Sacco would post enviable results come December 31, 2016.

“I promise you that during next year’s AGM we will declare a profit of K50 million. Otherwise, I will not be in my position,” he said.

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