Polymed Savings and Credit Cooperative (Sacco) has more than doubled its surplus to K133 million in the year ended December 31 2022 from K62 million the previous year.
In a statement released on Saturday during the annual general meeting in Blantyre, the Sacco said it has also increased its assets to K1.1 billion from K872 million in 2021.
Polymed Sacco general manager Mary Musona attributed the growth to the organisation’s sound investment decisions despite facing economic challenges.
She said: “We grew the membership from 4 823 to 6 634 largely due to the loan products that we introduced to suit the needs of the members, resulting in doubling the profitability.
“The Sacco revised its product portfolio by extending the repayment period for loans with shorter terms, providing members with an opportunity to obtain low-interest loans.”
Musona further stated that in the coming year, they plan to increase membership by 60 percent, expand the loan portfolio to 90 percent of total assets, increase assets by 60 percent and promote innovation and technology, among other initiatives.
One of the Sacco members, Gibson Mgwira, who is also Queen Elizabeth Central Hospital chief hospital administrator, commended Polymed Sacco for growing its revenue and asset base.
“During the post-Covid-19 era, citizens managed their finances prudently just like the way Polymed Sacco is doing to empower its members financially which is in line with Malawi 2063.”