Ollin Sacco posts KSh8.8 million profit in 2023

Members of the Ollin Sacco listen to guests and officials during the society’s Annual General held at Kutus Primary School in Kirinyaga County recently. Photo: Robert Nyagah

The Ollin Savings and Credit Society Limited closed the 2023 with a notable growth of more than KSh8.8 million surplus compared to the previous year.

According to the report, the surplus after taxation for the year 2022 was KSh1, 108, 246, but grew to KSh1, 301,427,544 by the end of last year.

Revenue additions in the year 2022 was KSh163 million against KSh135 million netted in 2023, a fall of KSh28 million while members dividends consumed KSh81 million in year under preview.

Staff bonus dropped to KSh8.8 million from KSh10 million while honoraria payments remained at KSh3.6 for both years.

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Income projections for the year 2025 is KSh1.8 billion with loans interest projected to bring the highest income estimated at KSh1.7 million while KSh79 million is targeted under investment income.

The Sacco, it is estimated will spend more than KSh1.8 billion with the highest budget going to interest on members deposits expected to consume some KSh864 million while human resource will cost the Sacco KSh69 million.

Marketing has been allocated KSh43 million while staff house allowances budget stands at KSh40 million.

The training of staff members of the Sacco has been allocated KSh34 million with administrative expenses set to enjoy a budget of KSh31 million.

Insurance security expenses will cost the Sacco KSh28 million each with some KSh23 million budgeted for rent for premises rented by the Sacco in various parts of the country.

By Robert Nyagah

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