Safaricom Investment Co-operative (SIC) shareholders approved a Sh142.4 million rebate payout during the 15th Annual General Meeting.
This comes after the cooperative reported a Sh203.4 million in net profit for the year that ended December 31, 2023 against Sh266 million reported in the same period under review in 2022. The net profit represents 8.1 per cent return on its capital of Sh2.5 billion.
The total revenue from land and housing for the co-operative over the period stood at Sh1.5 billion, a decline from Sh1.8 billion recorded in 2022. Land business continues to be the co-operative’s biggest contributor to total revenue as it returned 90 per cent of the total revenue delivering a gross revenue of Sh1.4 billion, with a net profit of Sh428.7 million in the same period. The housing unit on the other hand contributed Sh51.6 million to the total revenue.
SIC’s chairperson Judy Runo said the co-operative, which was set up in 2009 to pursue joint investments, is keen on automation, customer experience, expansion of diaspora markets from the USA to Burundi, Uganda, Rwanda, South Sudan, Oman, and the United Kingdom as anchored on its 2023-2027 Strategic Plan
Ms Runo added that the co-operative also aims at setting up new business lines through e-commerce and value-added services while driving internal efficiencies, with building a sustainable operating model which will include rebranding the organisation to position it for growth, being its core theme for 2024.
“Looking ahead, we remain cautiously optimistic about the future,” she said. “We are committed to regaining our momentum and getting back on track with profitability through prudent financial management, operational efficiency, and strategic investments in areas with growth potential. By rebranding, we seek to align with emerging market trends in a move to ensure that the company’s image resonates with the values and expectations of the target audience, giving the brand a cutting edge.”
The rebranding exercise, Runo says, is a strategic move that will redefine the SIC brand narrative, thus positioning it for future success.
“We have put together a roadmap with key focus areas lined up that will see the execution of a successful rebrand,” she said.
The Chairperson also announced the exit of the co-operative CEO Sarah Wahogo who will be leaving to pursue her personal interests. During her tenure, Ms. Wahogo has been at the forefront in the automation of services, positioned the Society through strategic partnerships and brand-building efforts, re-energized member engagements and solidified Diaspora engagements as a key business focus, led the recruitment of a highly skilled management team and drove cost efficiencies across the business lines.
The Finance Manager Stephen Mbugua will be the acting CEO as the Society undertakes the process of finding the next CEO to take up the Society’s mantle.
