Urithi Housing Cooperative Society Limited is disbursing a total of kshs. 13,905,450 to its members as dividends on shame capital for the year ended December 31, 2015. Yesterday the society Treasurer, Daniel Mwangi Kamau said the management committee recommended payment of first and final dividends of Kshs. 650,000 per share of 13% as compared to Kshs. 600 per share which reflected 12% per share in 2014.
Kamau said in 2014 members received a total dividends of Kshs. 10,684,800. The Treasurer said income from sale of plot and housing rose to Kshs. 233,370,499 in 2015 up from Kshs. 94,399,722 in 2014. He said other operating income also shot up from Kshs. 4,842,300 in 2014 to Kshs. 10,385,977 in 2015.
Due to the increase of human capital and other progressive initiatives, administrates, administrative expenses skyrocketed from Ksh. 41,404,201 in 2014 to Kshs. 130,754,598 in 2015. During the year under review net suplus rose to Kshs. 66,008,559 up from Kshs. 45,951,403 the previous year.
Income tax went up from kshs. 6,92,710 in 2015 to Kshs. 15,630,933 in 2015. Kamau said membership climbing from Kshs. 7,905 in 2014 to Kshs. 13,746 last year . In 2014 share capital stood at Kshs. 89,046,000 but at the close of 2015 it was Kshs. 106,965,000.
Currently Urithi has assets valued at Kshs. 1.73 billion as compared to Kshs. 751,761,815 in 2014. The society made a gross income of Kshs. 243,759,476 last year compare to Kshs. 99,242,021.
By James Wakahiu