Press Corporation Group Sacco posts K10.2 million profit
Press Corporation plc Group Savings and Credit Cooperative (Sacco) Limited formerly known as PTC Group has posted a surplus of K10.2 million in the year ending 31st December 2018.
PCL Group Sacco held its 2018 Annual General Meeting (AGM) last week at the Malawi College of Health Sciences Auditorium, Blantyre Campus under the theme “Sustaining growth through members economic Participation”.
The PCL Group Sacco profit is 9.33 % above the K 9.3 million recorded in 2017.
Delegates to the 25th AGM agreed to share K 5.1million as dividend.
Speaking during the meeting, PCL Group Sacco Board Chairperson Dalitso Chalira said despite a challenging economic environment, the performance is generally impressive as the Sacco has achieved a number of positive strides.
He said assets for the Sacco grew by 5% from MK 208,240,018 to MK 218,788,028 million while loan portfolio increased to MK138, 973,209 million representing a 20% jump.
“We plan to mobilise not less than 1,000 new members, including women because we realise that having a bigger membership means more revenue generation,” said Chalira
He said with Sacco services, it is easier to survive in times of economic hardships that members may face.
The Peoples Trading Centre (PTC) Chief Administration Officer Richard Kunjawa, who was the guest of honour at the event, urged members to save regularly, borrow wisely and repay promptly in order to benefit from their investments.
Kunjawa commended PCL Group Sacco for registering surpluses each year since 2014.
“It is good to learn that since its inception, PCL Group Sacco has registered surplus every year and declared dividend to its shareholders. Members should not borrow for amusement, lest they pay dearly for that and end up in katapila,” he said.
In his remarks, Malawi Union of Savings and Credit Cooperatives (Muscco) Business Development Manager Ezekiel Thindwa applauded the general membership for resolving to increase the monthly share contribution from MK 1,000 to MK 3,000.00 which will ensure that there is growth in asset base.
He also urged the PCL Group Sacco to increase its membership.
“Your membership is very low and you have to seriously consider wooing more people to join, because the Sacco system works better with large numbers. The higher the number of members, the greater the Sacco growth and sustainability as well as profitability. The more savings you can mobilise, the more the loan portfolio can grow. Once this is achieved, it can double profitability, loan book and shares, among others,” he said.
The AGM resolved that the board should open the PCL Group Sacco to other payroll based organization in what is called the “open bond”.
The AGM also held elections to fill vacancies that had occurred as a result of retirement of some members.
Dalitso Chalira maintained his position as PCL Group Sacco Chairman with Jean Chingwalu elected as his vice.
The other board positions went to Chance Chimchere who was elected as Vice Board Secretary and Macpherson Mpembanji as a supervisory committee member. The two are from PTC Limited.
The PCL Group Sacco draws its membership from the Press Corporation Group Companies and currently has membership from PTC, The Foods Ltd Company (Madelco Fisheries) Press Properties, Press Cane, MacSteel Ltd and TNM.
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