Joy as journalists SACCO records UGX 1.5m net profit
The Journalists’ Emyooga Sacco in Ibanda Municipality has registered UGX 1.5m net profit for the year that ended on December 31, 2022.
According to the Sacco’s financial statement released on June 7, there has been a significant increase from UGX 255,300 registered in the previous year.
The Sacco board chairman, Sam Bolya said the group’s operating income rose from UGX 6.6m in 2021 to UGX 11.2m as at December 31, 2022 despite increasing operational expenses like rent.
During the year under review, expenses on personnel grew from UGX 1.1m to nearly UGX 2m, and administrative costs rose to UGX 5.8m, up from UGX 4.6m for the year ending December, 2021.
However, Bolya noted that mounting bad loans of over UGX 14.8m are holding back the Sacco’s performance and denying other members an opportunity to access funding.
A total of 18 borrowers have loan arrears, some of which are two years behind the scheduled end date.
Of these, one of the big defaulters is being demanded UGX 4m and another UGX 2.4m, which he borrowed to fund an emergency and promised to repay after one month.
Scovia Nyamwiza, the chairperson of the group’s loans committee suggested that those with overdue loan obligations are barred from accessing debt after completing the current loans.
As one of the best performing five Emyooga Saccos in the Municipality, the Sacco is expecting to soon receive an additional financing of UGX 20m from the Microfinance Support Centre.
