By Azael Masese.
Sheria Housing Co-operative Society has reported an increase in Members’ Deposits from Sh 24 million in 2015 to Sh 32 million at the close of the financial year ended 31st December, 2016.
The Society’s Total Assets rose to Sh54.5 million in 2016 compared to Sh37.9 million in 2015 while Share Capital increased from Sh 6.5 million to Sh8 million during the period under consideration. Net Surplus after tax rose from Sh 1.6 million in 2015 to Sh 2.1 million in 2016.
During the year under review, membership grew from 722 in 2015 to 1120 by the end of 2016, representing a 55 per cent growth.
“We have acquired a new software and a server to improve our ICT platform. The successful implementation of this infrastructure will improve the Society’s delivery of efficient services to members, said Sheria Housing Co-operative Society Board Chairperson Lady Justice Roselyn Ougo.
She told members during the Sheria Housing Co-operative Society’s Annual General Meeting (AGM) held at Milimani Courts Nairobi, that the Society aims to improve customer service and its investment strategies so as to reach out to more members with a target of more than 500 new members per year as stipulated in the strategic plan.
Total Revenue for the Society improved in 2016 after successful execution of several projects. These are the Masabi Ranch of 10 acres at Kajiado with 72 plots and the Konza, Malili project of 10 acres at Machakos with 36 plots. Kitale High Court Judge Francis Mwangi Njoroge who was the chief guest at the AGM, noted Sheria Housing Society’s critical role in realisation of Kenya’s Housing needs.