Nation Housing sacco seeks expansion as it turns profit

Nation Housing Co-operative Society Ltd plans to aggressively expand into the counties after it turned a profit for the first time since it started operations in 2014.

The investment arm of Nation Sacco—whose interests are concentrated in Nairobi and its satellite towns including Thika and Kitengela—said on Saturday it was in discussions with various real estate firms.

The partnerships will enable members acquire property at discounted prices, chairman Peter Munaita said at the annual general meeting (AGM) in Nairobi. The AGM approved a dividend payout of Sh28 per share (of Sh100 each) or 28 per cent after the sacco recorded a Sh1.72 million surplus.

“Discussions are ongoing and we will inform you once they are concluded. This will enable members invest in areas of their choice across the country,” he said.

Total income in the period jumped nearly four times to Sh4.78 million compared with Sh975,487 in 2016, largely boosted by resale of land to members. Interest income rose 56.95 to Sh1.18 million, while other income streams grew nearly three-fold to Sh820,000.