Home Uncategorized AFSCMS LTD Soars: Records N58.5M Trading Surplus and N34.5M Members’ Dividend in...

AFSCMS LTD Soars: Records N58.5M Trading Surplus and N34.5M Members’ Dividend in 2022

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….Eyes Sustainable Growth Through Hospitality Investment and Membership Expansion

The Airports Fire and Safety Cooperative Multipurpose Society LTD (AFSCMS LTD) has reported a trading surplus of N58,474,793.65 and members’ dividend of N34,500,000.00 for the 2022 financial year, surpassing the N51,077,622.74 and N30,000,000.00 of 2021.

Alhaji Sadiq Saheed Anako, the AFSMCS President, highlighted a total income of N216,111,077.52 in 2022, compared to N178,157,325.15 in 2021, with the hospitality/guesthouse operations contributing 51% (N110,256,650.00).

Anako explained that commodity sales in 2022 totaled N82,216,275.68, citing market instability for the decrease from N124,311,718.13 in 2021.

Analyzing past fiscal years, he emphasized the Hospitality Investment as a consistent income source, advocating for investment in the cooperative system for sustainable economic development.

Declaring Membership growth remained a focus, he acknowledged the common cycle of membership loss due to retirement and voluntary withdrawal.

Anako disclosed ongoing efforts to extend the membership drive to the Nigeria Meteorological Agency NiMET.

Following approval for shares subscription, N177,469,613.41 has been realized since February 2023, supporting the Hospitality business expansion project.

The cooperative boasts 2,939 shareholders in the new hotel project, encouraging further subscriptions.

Regarding the land scheme, Anako mentioned the issuance of Agbarra land documents with ongoing corrections for typographical errors.

He assured members of the Abuja/Kuje Housing Scheme’s launch, collaborating with reputable developers for the project, ensuring integrity and verified track records.

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