Business
Co-operative Posts N3.2m Profit
The Ministry of Economic Planning’s Staff Multi-Purpose Cooperative Society in Delta State, has recorded a net profit of N3.2 million from its activities in 2011.
The figure was contained in the society’s annual report presented at its 8th Annual General Meeting by its President, Mr Blessing Iguruwe, in Asaba.
Iguruwe said that the figure was N100, 000 less than the N3.3 million net profit posted by the society in 2010.
He said that value of the association’s assets stood at N56.6 million as at December, 2011.
Iguruwe listed the assets to include N50.4 million loans given to members, N3.7 million owed by sundry debtors, and N1.6 million cash in Fidelity Bank and Fin Bank.
Iguruwe, who refused to disclose the value of the society’s initial share capital, put the current value at N11.1 million, adding that the thrift savings during the period was N39.5 million.
“Statutory reserve of the cooperative is about N2.7 million, while audit and supervision fee was about N20, 400 and the net profit is N3.2 million,’’ he said.
Iguruwe said that due to the performance of the society, its management had recommended a dividend of 4k per ordinary share and 5k interest per N1.00 contributed by members.
“The society has bright future going by its performance in the last one year,” he said.
Iguruwe said that the group had remained focused on its core aim of thrift savings for members.
According to him, the aim of the cooperative society is for members to pool their meagre resources together to enhance the socio-economic wellbeing of members.