Page 35 - Ramco JO SACCOStar _Vol 50.indd

ADVERTISER'S CONTENT
IMARIKA SACCO
REGISTERS a
remarkable GROWTH
in 2019 business
TURNOVER
By Peter K. Angore
Imarika SACCO, one of the leading Deposit-taking SACCOs
in the Coast region registered remarkable growth despite
economic hardships and challenges faced by most
members under MSCA and FOSA activities. .
This, revealed during the 45th Annual Delegates Meeting at
a Mombasa hotel, was attributed to growth in business and
increased demand for loans and advances by members.
Speaking to delegates, KUSCCO’s Chief Operating Officer Mr
James Ole Nkiti hailed the SACCO’s performance.
“I am happy to note that Imarika SACCO has once again
performed extremely well in the 2019 business turnover, this is
evidenced by the fact that the payment of the interest rate on
members deposits is higher than the rate of inflation,” said Mr
Ole Nkiti, representing KUSCCO Group Managing Director Mr
George Ototo.
He urged delegates to support the Board and Management in
their quest to serve the SACCO while noting that the success
of any organization depends on how the Directors and
Management practice governance.
The meeting’s main agenda was the presentation of the
2019 audited accounts and subsequently deliberate on the
operating results and distribution of the surplus.
Total revenue grew by Sh157.8 million to reach Sh1.518
billion up from Sh1.360 billion in 2018, translating to 11.6 per
cent growth. Of this, the Society noted that Sh1.2 billion was
derived from interest income.
Total assets grew from Sh7.6 billion in 2018 to Sh8.6 billion
in 2019, while loans and advances to members grew from
Sh6.91billion in 2018 to Sh7.43 billion in 2019. Active
membership grew from 70,082 in 2018 to 81,627 in 2019
reflecting an increase of 16.5 per cent.
Members’ earnings also increased from Sh472.2 million in
2018 to Sh518.7 million in 2019 an increase of Sh46.5 million.
Chief guest KUSCCO's Chief Operating Officer Mr James Ole Nkiti
and Imarika SACCO Chairman Rensen Ndoro during the meeting
Members’ earnings are composed of Interest on members
deposits (BOSA) at Sh255.7 million, interest on premium
savings FOSA and MSCA at Sh188.2 million, Dividends on
shares at Sh38.6 million and interest on ordinary savings at
Sh36.1 million.
Delegates resolved to distribute the surplus at 9 per cent and
13 per cent on deposits and shares respectively.
Other observations to note is that total expenses as a
percentage of total revenue improved from the targeted 35 per
cent to 34 per cent and Portfolio At Risk (PAR) improved from
9.08 per cent in 2018 to 6.6 per cent in 2019, though falling
short of the target of 5 per cent or less.
Imarika SACCO CEO Daniel Masha said the agency banking
system is on-going and is expected to commence in March
2020. On the proposed Imarika head office block, he said the
completion had been rescheduled to July 2020 and therefore
relocation to the new building is expected to take place in
August 2020.
Talking to delegates, the Kilifi County Commissioner of Co-
operatives, James Mwasi commended the board of directors
and management for a job well done.
He said Imarika SACCO remains the most profitable SACCO in
the region and the first DTS to hold an ADM in the County.
Mwasi said the delegates are representative of the members
and should, therefore, share all the information with the
members at their respective clusters.
He hailed the delegates for conducting peaceful elections
where all the three members of the board retiring on a rotational
basis were re-elected unopposed. The members are:- Renson
Ndoro, SACCO Chairman, John Ziro Vice Chairman, Oscar
Kupalia board member representing KALOLENI and Raymond
Kenga Kapini a supervisory board member representing
Magarini/Marafa zone.
SACCO Star Magazine | 33