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Safaricom Investment Cooperative
Rank: Member Joined: 7/28/2006 Posts: 30
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AGM Highlights:
Membership up 34.5% to 1340
Assets up 84% to 503m
Revenue up 58% to 76m
Shareholder funds up 135% to 233m
Surplus up 49% to 63m
Strategy to move to offering serviced plots, affordable housing units & commercial farming. Apartment project in Mlolongo to proceed with construction immediately after general elections after waiting for stabilization of interest rates.
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Rank: Member Joined: 6/17/2011 Posts: 229
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mwasjd wrote:AGM Highlights:
Membership up 34.5% to 1340
Assets up 84% to 503m
Revenue up 58% to 76m
Shareholder funds up 135% to 233m
Surplus up 49% to 63m
Strategy to move to offering serviced plots, affordable housing units & commercial farming. Apartment project in Mlolongo to proceed with construction immediately after general elections after waiting for stabilization of interest rates.
Thank you. Any info on the dividends?
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Rank: Member Joined: 7/28/2006 Posts: 30
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Return on members deposit was 28%. AGM resolution was 70% reinvestment to support apartments project while members take home 30% as their actual dividend.
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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Doesnt that mean actual dividend is 8.4%? Formally employed people often live their employers' dream & forget about their own.
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Rank: Veteran Joined: 10/11/2009 Posts: 1,223
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bird_man wrote:Doesnt that mean actual dividend is 8.4%?
Exactly, 8.4% in cash and 19.6% as bonus shares.
SIC needs cash to finance the ongoing land and housing projects hence the need for dividend capitalization.
History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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Rank: Veteran Joined: 10/11/2009 Posts: 1,223
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mozenrat wrote:I have my doubts... We calculated the dividends paid to a friend who is a member of SIC and it was coming to about 35%... Also most Saccos declare earnings in two ways.. Interest on deposits and dividends on shares... there is no such structure in SIC
I just do not understand how they make their calculations. Anybody having the same problem to explain how they do it.
The alien algorithms they are using are not only complex but weird. History will not remember you for your IQ. It will remember you for what you did. “Genius is 1 percent inspiration, 99 percent perspiration.” Thomas Edison
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Rank: New-farer Joined: 4/4/2011 Posts: 94 Location: Nairobi
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BGL wrote:mozenrat wrote:I have my doubts... We calculated the dividends paid to a friend who is a member of SIC and it was coming to about 35%... Also most Saccos declare earnings in two ways.. Interest on deposits and dividends on shares... there is no such structure in SIC
I just do not understand how they make their calculations. Anybody having the same problem to explain how they do it.
The alien algorithms they are using are not only complex but weird.
I've also been wondering. In the meantime I continue enjoying the growth of my investment..
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Rank: Member Joined: 4/1/2009 Posts: 846
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BGL wrote:bird_man wrote:Doesnt that mean actual dividend is 8.4%?
Exactly, 8.4% in cash and 19.6% as bonus shares.
SIC needs cash to finance the ongoing land and housing projects hence the need for dividend capitalization.
@BGL, if i wanted to withdraw from the co-op, can i get everything including the bonus shares? ofcourse in cash
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Rank: Member Joined: 2/7/2013 Posts: 447 Location: Nairobi
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This is good information...was told about the sacco but didnt know much...the person who told me is actually a benefitially of this sacco who has been in it for the last 2 years. You cant win, unless you first begin....
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Rank: Member Joined: 6/14/2010 Posts: 521 Location: Nairobi
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Today is Blue bells apartments ground breaking for Safaricom Investment Cooperative
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