Crystal (VI) Cooperative Society, for the second year running, continued to meet member’s expectations as it returned a growth of 459% in total assets for the financial year ended December 31, 2011. This was disclosed at the just concluded 2nd Annual General Meeting of the Society held in Lagos over the weekend.
Speaking on the society’s key financial performance indicators, the Chairman, Supervisory Committee, Joseph Okunato, said “in spite of the challenges encountered in the year under review, the society closed the year with a balance-sheet size (including guarantees) of N158.2m over 2010 figure of N28.3m, a growth of 459%; total members contribution of N46.7m compared to N39.4m in 2010, a growth of 19%; Total income of N8.6m compared to N7.7m in 2010, a growth of 12%; and Net surplus of N3.4m compared to N2.9m achieved in 2010, a growth of 17%.
On account of this modest performance, the executive and supervisory committee thereafter proposed dividend payment of N1.3m which translates to 2.5k per unit of shares held as at December 2011. This compares positively with dividend of 2k in the 2010 financial year translating to an increase of 25%.
He used the occasion to highlight major achievements of the society in the financial year under review. According to Okunato, “Despite the tough operating environment, the Society disbursed a total of N33.3m to members for various purposes ranging from personal construction projects, starting new businesses, to payment of children school fees, payment of hospital bills, travelling among many others.
He noted that the society would soon make 18 of her members to become home owners with commencement of the construction of Crystal Garden Estate comprising of 18 unit housing estate of 6 units of 3 bedroom bungalows and 12 units of 4 bedroom bungalows. The project will be completed and delivered by December 2012.
He noted that the goal of the society is to be the best cooperative society in fairness to all; in due returns on investment; in best practice and accountability. In his words, “We are committed to building an enduring, strong and vibrant brand which would not only survive the most challenging of times, but would also be a leader in its genre”.
Crystal (Victoria Island) Multi-Purpose Cooperative Society Limited is one of Nigeria’s leading cooperative societies with special interest in real estate development, entrepreneurial financing, and skill acquisition management.