By Co-op News Reporter
Mombasa Port Sacco registered a strong financial performance despite Covid-19 disruption that adversely affected the country’s economy last year.
The Deposit Taking Sacco posted 14 per cent growth on members’ deposits and savings to reach Ksh 3.52 billion in 2020 from Ksh 3.1 billion in 2019, while the asset base jumped by eight per cent to hit Ksh 6.57 billion from Ksh 6.1 billion in the previous year.
The Society disbursed Ksh 4.126 billion as loans to members, which increased six per cent from Ksh 3.89 in 2019.
“Considering the Covid-19 effects that hit hard on our members businesses the Sacco has fared well in risk management. The Board granted a loan repayment moratorium of nine moths to assist members who had closed businesses,” said the Sacco Board of Directors Chairman Alred Konde Jaka.
Mr Jaka, who was speaking during Annual Delegates Meeting held at Bandari Maritime Academy, noted that the Sacco’s common bond members, mainly employees of Kenya Ports Authority, played a great role in the financial growth as their income were not significantly affected.
The Sacco Board of Directors declared dividend payment on shares at 20 per cent and interest on members’ deposits at 12 per cent. In total, Mombasa Port Sacco distributed over Ksh 440 million to members as annual earnings for the financial year ending December 31st, 2020.
