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UN Sacco profit up 32 percent

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United Nations (UN) Sacco has posted a 32 percent rise in profit for the year ended December 2019.

The Sacco posted a profit of K101, 959, 544 in 2019 compared to K77, 209, 162 realised in 2018.

This was revealed last week during the Sacco’s virtual annual general meeting where it was also revealed that its asset base has grown by 50 percent to K878, 509, 077 in the year under review.

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UN Sacco president, Pamela Mkwamba, attributed the positive performance to increased loans to members and investments made on the money market.

“Our performance in the year was good despite the spate of demonstrations experienced in the country after the disputed 2019 elections coupled with Covid-19 early this year. All in all, we were able to grow our revenues by 34 percent to K195, 385, 587,” Mkwamba said.

She said the sacco has also been faced with various challenges to manage the increasing membership base.

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Mkwamba said the organisation is working towards use of digital transaction to ease the pressure.

“Computerisation is a must and we plan to enrol on the Hub before end of this year and should we fail, we shall temporarily try to get an operating system,” Mkwamba said.

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