By Burnett Munthali
The Community Savings and Investment Promotion (Comsip) Cooperative Union is taking bold steps to boost revenue generation by investing in a shopping mall in Mzuzu and a pig farming project in Mchinji district. The outgoing board chairperson, Leftam Chituzu Kamanga, announced these initiatives during Comsip’s elective annual general meeting held at Riverside Hotel in Lilongwe.
Kamanga revealed that the organisation has allocated slightly over one billion Kwacha for the shopping mall project in Mzuzu, which aims to diversify Comsip’s income streams and contribute to the economic growth of the northern region. On the other hand, the piggery project in Mchinji has already shown promising progress, with 92 healthy pigs currently under care, marking a significant milestone in the organisation’s agricultural investment portfolio.
The organisation’s financial performance has shown remarkable improvement over the past two years. According to audit reports for the year ending June 30, 2024, Comsip recorded a profit of K68.4 million, a substantial increase from the K25.4 million profit in 2023. This comes as a relief following the K49.4 million loss registered in 2022, signaling a strong recovery and sustainable growth trajectory.
Comsip’s profits have allowed it to allocate dividends to its affiliated cooperatives. Kamanga disclosed that K60 million from the profits will be distributed as dividends, with 1,287 cooperatives benefiting. The highest-earning cooperative will receive K668,070 from its K1.3 million share value, while the lowest will earn K25,695 from its K50,000 share value.
The shopping mall and piggery projects reflect Comsip’s strategic approach to diversify its investment portfolio and empower cooperatives. These projects are expected to create job opportunities, enhance economic activities in their respective locations, and solidify Comsip’s financial base.
As Comsip continues to grow, it remains committed to its mission of improving the financial and social wellbeing of its members through innovative investments and profit-sharing mechanisms.
