Safaricom Co-operative Approves Ksh.142.4Mn Rebate Payout

Safaricom Investment Co-operative shareholders have given the nod to a Ksh. 142.4 million rebate payout.

This follows the announcement of the society’s financial performance for the fiscal year ending on December 31, 2023.

Net profit stood at Ksh.203.4 million, reflecting a decrease from the Ksh.266 million reported in the corresponding period of 2022.

This translates to an 8.1 percent return on the members’ capital of Ksh.2.5 billion.

Total revenue from land and housing operations amounted to Ksh.1.5 billion, down from Ksh.1.8 billion recorded in the prior year.

The land business remains the primary revenue driver for Safaricom Investment Co-operative, contributing 90 percent of the total revenue.

Also Read: Safaricom Co-operative allocates Ksh.750 million for housing units construction in Ruaka

Generating a gross revenue of Ksh.1.4 billion, the land segment reported a net profit of Ksh.428.7 million for the period under review.

The housing unit contributed Ksh.51.6 million to the total revenue.

Looking ahead, Safaricom Investment Co-operative is embarking on a journey to build a sustainable operating model, with a key focus on rebranding.

“2023 was a year of great strides anchored on our 2023-2027 Strategic Plan with our success in automation, customer experience, and expansion of diaspora markets from the USA to Burundi, Uganda, Rwanda, South Sudan, Oman, and the United Kingdom,” said Judy Runo, Safaricom Investment Chairperson.

The Co-operative announced the departure of Chief Executive Sarah Wahogo, who will be pursuing personal interests.

Wahogo will be remembered for leading the automation of services, strategic partnerships, member engagement enhancements, and cost-efficiency drives.

Stephen Mbugua, the Finance Manager, will serve as the acting Chief Executive Officer during the transition period as the Co-operative searches

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Collins Ogutu

Nairobi based Digital Journalist, Corporate Communication Expert and Digital Marketer with a wealth of experience in multimedia. Accredited member of the Media Council of Kenya.

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