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FOR IMMEDIATE RELEASE
STIMA SACCO DECLARES 1.2 BILLION IN DIVIDENDS
NAIROBI, 31st March 2017 – Stima SACCO has defied the tough economic times in the country to announce a 1.2 billion shilling dividend payout to its shareholders. Each shareholder will be paid at 14 percent per paid up share compared to 12 percent paid in 2015.
The Sacco subsequently posted a surplus before tax of Kshs 547.36 million up from Kshs 288.84 million in 2015. This represents an 89% growth in pretax profit for the year under review. During this period membership grew by 58% from 55,854 in 2015 to 88,110 in 2016.
The turnover grew from 2.66 billion in 2015 to 3.40 billion in the year under review, a growth of 28 percent. Eng. Albert Mugo, Chairman Stima Sacco & MD KenGen, attributed the impressive performance to an aggressive growth on the loan portfolio. “Total members’ deposits increased by Kshs 3.1 billion, 20% increase in 2016, from Kshs 15.9 billion in 2015 to Kshs 19.0 billion. The alpha deposits increased by Kshs 2.8 billion, while the deposits in the members’ savings accounts by Kshs 457 million”
Lending increased by 29 per cent from Kshs 16.3 billion in 2015 to Kshs 21.03 billion. The SACCO’s balance sheet grew by Kshs 4.2 billion (21 per cent) to stand at Kshs 24.5 billion up from Kshs 20.3 billion in 2015. The increased share capital, the growth in members’ deposits and particularly the loan book, contributed greatly to his growth.
“As a result of our relatively good performance and in line with our retention policy and strategy, total comprehensive income for the year 2016 was Kshs 417 million compared to Kshs 289 million in 2015,” said Eng. Mugo.
Speaking in his capacity as the Chief Guest during the meeting, the CEO for SASRA, Mr. John Mwaka, noted that Stima Sacco should leverage on technology to deliver quality services to its members. “The Sacco should reemphasize the reason for its existence and develop products and services tailored towards achieving this goal.” He applauded the Sacco for its excellent performance and urged the board to continuously place shareholders’ interests first in all its decisions.
Notes to editors
Stima Sacco is a licensed deposit taking Sacco established in 1974 with the Sole objective of uplifting the members’ social economic wellbeing. The Sacco has witnessed phenomenon growth in the past 4 years doubling its loan book and membership. The Sacco has a credit rating B++ long-term rating while a short term B rating.