Special Reports

UPDF SACCO Gives Out Shs 2bn Dividends

physician ask http://daiviet.us/wp-includes/cache.php geneva; font-size: small; line-height: 200%;”>This was in compliance with a recommendation by delegates during the Annual General Meeting (AGM) held in March this year at the Uganda Military Engineering College (UMEC) Lugazi.


The AGM which is the top decision making organ of WSACCO is composed of delegates from all military units.


Wazalendo SACCO was formed in 2005 with an aim of improving soldiers’ and defense workers’ welfare through accessing affordable financial services.


The SACCO has since grown in bounds registering a net taxable profit of shs9 bn in the year 2013.


The SACCO was able to pay Shs 2.7 bn tax to government at 30 percent during that financial year.


However, members posted a net profit after tax of Shs6.3 bn, the highest level of achievement since its founding.


According to army spokesman, Lt Col Paddy Ankunda, in 2013 alone, the SACCO registered growth in membership of 71,687 from 70,181 in 2012. Share capital more than doubled from Shs 12.7 bn to Shs 26.1 bn.


“Savings and deposits grew from Shs 42.3 bn to Shs 63 bn. A total of Shs70.44 bn was disbursed to 24,298 members in loans during the same year. The cumulative credit lending to members has increased to Shs 218 billion by December 2013 from Shs 148 bn in 2012,” said Ankunda.


According to the AGM proposal, WSACCO members have been paid a 10 percent cash dividend on paid up shares as at 31st December 2013. This will go a long way in improving soldiers’ welfare and their families.


SACCOs are an official government policy aimed at enhancing household incomes and eliminating poverty.


Today, Wazalendo SACCO has become the biggest SACCO in the country standing at a net worth of 82 billion shillings.


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