Safaricom Investment Co-operative shareholders have approved a ksh142.4 million rebate payout during the 15th Annual General Meeting. The payout comes after the Society reported a Ksh203.4 million net profit for the year that ended 31st December 2023 against Ksh266 million in 2022. The net profit represents an 8.1% return on the members’ capital of Ksh2.5 billion.
The total revenue from land and housing for the society over the period stood at Ksh1.5 billion, a decline from Ksh1.8 billion recorded in 2022. Land business continues to be Safaricom Investment Co-operative’s biggest contributor to total revenue as it returned 90% of the total revenue delivering a gross revenue of Ksh1.4 billion, with a net profit of Ksh428.7 million. The housing unit, on the other hand, contributed Ksh51.6 million to the total revenue.
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“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, and the 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, Ms Judy Runo.
The Society’s core theme for 2024 will be building a sustainable operating model which will include rebranding the organisation to position it for growth. “Looking ahead, we remain cautiously optimistic about the future,” Ms Runo said. “We are committed to regaining our momentum and getting back on track with profitability through prudent financial management, operational efficiency, and strategic investments in areas with growth potential.”
She said by rebranding, Safaricom Investment Co-operative seeks to align with emerging market trends to ensure that the company’s image resonates with the values and expectations of the target audience.
“The rebranding exercise is a strategic move that will redefine our brand narrative, thus positioning us for future success. We have put together a roadmap with key focus areas lined up that will see the execution of a successful rebrand,” she added.
Ms Runo announced the exit of Safaricom Investment Co-operative CEO Sarah Wahogo, who will be leaving to pursue her personal interests. During her tenure, Ms Wahogo has been at the forefront in the automation of services, positioned the Society through strategic partnerships and brand-building efforts, energised member engagements and solidified Diaspora engagements as a key business focus, led the recruitment of a highly skilled management team and drove cost efficiencies across the business lines.
The Finance Manager Stephen Mbugua will be the acting CEO as the Society undertakes the process of finding the next CEO to take up the Society’s mantle.
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