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Reports
On behalf of the Safaricom Investment Cooperative Board, I am pleased to present to you the annual report for a successful financial year ended 31st Dec 2014.Key Achievements During the year under review, the construction of the Bluebells housing project was completed and the sold units handed over to the more than 125 buyers. This being our flagship housing project, we are very proud of the achievement. We will start the second phase in the first half of 2015. With the support of the members and the public at large, we have added yet another star to the S.I.C. trophy. We achieved a decent return of 25% on the back of growth in our membership and share capital. The changes in the membership mix and participation in the projects are outlined in the table above, the patronage by members declined by 35%: The above movements were supported by a growth in share capital from Ksh.457m to Ksh.792m, a 73% increase.
2013  2014
1.  Number of projects undertaken 29 37
2.  Value of the projects  94,707,880 146,006,915
3.  Number of buyers who are members vs non-members  85% 50%
The Next Steps We are making good progress towards the Ksh.1billion capital base thanks to your adoption of delayed gratification allowing for profit plough back. We are now on line to take on multiple big ticket projects which are projected to give higher yields. To sustain these, we need increased financing and are hence looking for your approval to review the capital base from Ksh.1b to Ksh. 1.5b. The big ticket items include students’ hostels, residential houses including Ruaka Ridge, Ololua homes and Rongai maisonettes and a shopping mall. The strategic planning session in the year identified four areas of focus to guide our diversification from land. These are real estate, private equity, agriculture and market securities. The target apportionment by 2018 is real estate 40%, private equity 40%, agriculture 10% and market securities 10%. In line with this plan, we acquired 90% shareholding in Top Farm which will be our vehicle for pursuing agricultural investments. Thank you

 2014 Financial Report Download

The financial year ended 31st Dec 2012, has been another financially successful year for the Safaricom Investment Cooperative (S.I.C.) We are pleased with the performance achieved financially and we have also achieved positive growth in turnover, total assets, shareholders’ funds and profitability during the year under review as highlighted in the summary below:

ITEM 

PERCENTAGE

CHANGE

2012

KShs

2011

KShs

2010

KShs

TOTAL ASSETS

84%

503,783,598

273,356,052

139,255,819

SHAREHOLDERS FUNDS

135%

233,078,327

99,160,419

35,387,925

TURN OVER

58%

76,683,199

48,434,327

16,323,895

INTEREST TO MEMBERS

49%

63,117,320

42,253,232

14,180,677