Polymed profit up 24 percent

Polymed, a consortium of savings and credit cooperatives (Sacco) from several institutions in Blantyre, is soon expected to cap off a profitable year by going online.This was revealed during its 18th annual general meeting (AGM) held at College of Medicine (CoM) on Friday.

The Sacco’s audited financial statements show that in the year ended December 2014, they made a profit of K26 547 679 compared to K21 377 933 for 2013, representing a 24 percent rise.
Polymed chairperson Gloria Chisakasa said: “The year 2014 was favourable as we registered positive growth in our assets to K441 591 679 million from K310 961 731 million—an increase of 42 percent. We also intend to reduce the labour of manual transactions by computerising our system.”
Chisakasa also revealed that they intend to align their policies to par with their growth so that they maintain or surpass the current trend.
Some of the institutions in the Polymed Sacco are Banja La Mtsogolo, Fattani, Malawi College of Accountancy (MCA), Pharmanova, Salvation Army, Malawi Blood Transfusion Service(MBTS) and Beit Cure.
Polymed declared a K13 million dividend.