CEM REPORT, FINANCE | Usagbe Multipurpose Cooperative Society Limited has declared a first year net profit of N2.8 million for the financial year ended 31 December 2022 (actual cut of date 22/12/2022). This is contained in the financial statement presented at the Club’s annual general meeting held over the weekend.
According to the head of the Management Board, Patrick Akamiokhor who presented the financial statement, business activities for the cooperative effectively starting in May 2022, implying 7 months of operation so far.
The Cooperative recorded excellent financial results in 2022 with a balance sheet size of N26.8 million (Total Assets) and a net profit of N2.8 million having recorded a Total Expenditure of N0.2 million making a Total Income of N3 million for the year ended.
Dividend of 7 kobo per share is proposed by the management for the 5 institutional shareholders and 41 individual shareholders
[READ ALSO] CBN Policies May Affect Banks’ Growth
Usagbe Multipurpose Cooperative Society Limited was established by the Usagbe Club of Nigeria to provide funding for business and other ventures aimed at empowering members of the club and other sons and daughters of Weppa Wanno
Under the management of financial experts, the cooperative promised to deliver greater result for the year ahead.