Sunbird Group Sacco posts K63m surplus
Sunbird Group Savings and Credit Cooperatives (Sacco) has posted a surplus of K63.3 million in the year ended December 31 2018.
The surplus is one percent higher than what was posted in the previous year at K62.8 million, according to audited financial results presented at its annual general meeting in Blantyre on Saturday.
is strong
Sunbird Group Sacco outgoing chairperson Yason Pondamali attributed the performance to compliance with Financial Service Act and good corporate governance.
He said: “The performance in terms of revenue was quite pleasing to have a 22 percent jump from the previous year despite posting a one percent increase in surplus.
“We will continue with the positive trajectory and making surplus because in terms of stability, the Sacco is strong. Its asset base and membership is also growing.”
Pondamali said the Sacco’s membership grew by 16 percent to 2 557, which has also been attributed to its open bond policy.
Malawi Union of Savings and Credit Cooperatives (Muscco) board chairperson Fletcher Mhango, who was the guest of honour, hailed the Sacco for growing its revenue and asset base which he said are important areas.
He encouraged Saccos to work on growing their revenue and assets to enable members benefit.
Sunbird Group Sacco has membership from Malawi Stock Exchange (MSE)-listed hotel chain’s nine establishments. n
