Delegates of Sinendet Co-operative society members follow proceedings during the AGM.
Delegates of Sinendet Co-operative society members follow proceedings during the AGM.

Sinendet Tea Multi-Purpose Society survives tough times to post Sh36m surplus

By Benedict Ng’etich

Sinendet Tea Multi-Purpose Co-operative Society posted a net surplus of Sh36 million in 2017 and asset growth of Sh608.3 million.
This was despite leaf production decrease by 8.01 per cent to 4.52 million kilogrammes in the year.
“This drop is attributed largely to the labour strikes which were prevalent in the country in the month of October, 2017,” said the society Chairman, Joseah Sang.
Despite the drop, the average price for tea increased by 15 per cent to Sh29.88 per kilo from Sh25.9 the previous year.
The society paid dividend at Sh2 per share.
It spent a total of Sh56.9 million on leaf production and harvesting. Machine plucking took Sh25 million in 2017 compared to Sh23.54 million in 2016, while shear plucking incurred about Sh1.27 million.
The society earned Sh139 million from sale of 4, 518, 56 metric tonnes green leaf in 2017.
The lengthy industrial action in the year, the drought witnessed in the first quarter of the year and the poor performance of the Kenya Shilling against the dollar affected farm income.
The statistics were presented to delegates during this year’s Annual General Meeting attended by Kericho County Director of Co-operatives, Leornard Otii and Kericho Branch Co-operative Bank Manager, John Busienei.

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