Sunbird Savings and Credit Cooperative (Sacco) on Saturday declared a K62.8 million surplus for the 2017 financial year, up from 52.2 million in 2016.
The declaration was made during an annual general meeting held at Sunbird Mount Soche in Blantyre. The meeting declared a K31.4 million dividend to members and the rest will be ploughed back into the business.
Sunbird Sacco chairperson Yason Pondamali attributed the growth to the organisation’s loan product portfolio, investments and a stable economic environment.
“I am here to report that in the year, in which we made 20 percent surplus growth, we recruited 394 new members. However, we closed the year with 2 002 members despite starting the year with 2 546 members due to dismissals and trimming of head count in some of the member companies,” he said.
Malawi Union of Savings and Credit Cooperatives (Muscco) Chapter 1 board representative Zadziko Makhambo while asking Sunbird Sacco to consider rebranding so that it can attract other players in the hospitality sector, expressed concern on the low membership.
He asked the meeting to emulate the United Civil Servants Sacco (formerly Mzimba Teachers Sacco) which has 17 500 members and is spreading to the Southern Region.
“I am surprised that since 1992, you are still under 3 000. I urge the board, management and shareholders to do something about this,” said Mankhambo.
Sunbird Tourism Limited chief human capital and development officer Edward Chunga, who was the guest of honour at the event, urged members to save regularly and borrow to invest and improve life.
Chunga commended Sunbird Sacco for registering surpluses each year since 1992.
“It is good to learn that since inception, Sunbird Sacco has registered surplus every year and declared dividend to its shareholders. We should not borrow for amusement, we will cry and end up in katapila,” he said. n