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Dangote Co-operative records 46% growth in savings, declares N18m as dividend

By on April 10, 2013

Dangote Group Staff Multi-purpose Co-operative Society Limited (DANCOOPS) has recorded a 46.30 per cent increase in its total savings, rising from N490.4 million to N717.5 million for the 2011 financial year.

In the period under review, the group recorded gross earnings of N51.85million in 2011 compared with N36.32 million in 2010 with an increase of 43 per cent while its operating expenses increased by 23 per cent.

However, the Society proposed to make a dividend payout of N18million to members whose names appeared in its membership register as at the close of business on 31st December 2011, while the loan portfolio grew from N294 million in 2010 to N509 million in current year under review indicting an increase of 37 per cent.

Speaking at the annual general meeting of the society, the president of the Co-operative, Mr. Reuben Oluwole explained that despite all odds during the period under review DANCOOPS made significant progress in all keys performance indicators.

With the growth recorded, Oluwole said the group’s objective remains the pooling of funds through monthly savings by members to encourage savings culture amongst its members, just as its membership had significantly increased by 15 per cent from 3,619 in 2010 to 4,156 in 2011.

 

 

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