Safaricom Investment Co-operative Shareholders have approved a rebate payout of sh142.4 million during the 15th Annual General Meeting.
This follows the Society’s net profit of sh 203.4 million for the year ending December 31, 2023,
compared to sh 266 million in the same period in 2022.
The net profit represents an 8.1 per cent return on the members’ capital of sh 2.5 billion.
The society’s total revenue from land and housing stood at sh 1.5 billion, a decrease from sh 1.8 billion in 2022.
The land business remains the biggest contributor to revenue, accounting for 90 per cent of the total revenue-
with sh1.4 billion in gross revenue and a net profit of sh 428.7 million.
The housing unit contributed sh 51.6 million to the total revenue.
Chairperson Judy Runo expressed satisfaction with the Society’s progress, highlighting their success in automation-
customer experience, and expansion into diaspora markets.
She also mentioned the establishment of new business lines through e-commerce and value-added services,
while emphasizing the importance of driving internal efficiencies.
Looking ahead, the Society aims to build a sustainable operating model and rebrand the organization for future growth.
The rebranding exercise will align with market trends and ensure the company’s image resonates with the target audience.
“2023 was a year of great strides anchored on our 2023-2027 Strategic Plan with our success in automation, customer experience, expansion of diaspora markets from the USA to Burundi, Uganda, Rwanda, South Sudan, Oman,”
Among others include United Kingdom as well as set up of new business lines through our e-commerce and value-added services while driving internal efficiencies,” said Safaricom Investment Co-operative Chairperson Judy Runo.
However,It is seen as a strategic move to redefine the brand narrative and position the Society for success.
“Looking ahead, we remain cautiously optimistic about the future. We are committed to regaining our momentum and getting back on track with profitability through prudent financial management, operational efficiency, and strategic investments.”
“By rebranding, we seek to align with emerging market trends in a move to ensure that the company’s image resonates with the values and expectations of the target audience, giving the brand a cutting edge,”She added.
In other news,
Safaricom Investment Co-operative announced the departure of CEO Sarah Wahogo, who will be pursuing personal interests.
During her tenure,
Wahogo played a pivotal role in automating services, forging strategic partnerships, and strengthening member and diaspora engagements.
The Finance Manager, Stephen Mbugua, will serve as the acting CEO while the Society searches for a new CEO.
With a roadmap in place,
Safaricom Investment Co-operative is poised for a successful rebranding and continued growth.
