Amigos Saving & Credit Cooperative Society Ltd. took in 145 million Br in net profit during the last fiscal year, with an increase of 112pc from the preceding year. Its revenue also soared to 306 million Br, an increase of 164pc. Total assets grew by 123pc to reach 1.91 billion Br while it managed to disburse five billion Birr in loans, a surge of one billion Birr. Executives of Amigos presented the financial statement report at their 11th general assembly held at Interluxury Hotel on Tito St last week. Dawit W.Michael, board chairman, noted that notable performances have been registered with the Society expanding its capital base and loan portfolio through different financing strategies. Incorporated in 2013, the Society began its business in Arada district, expanding its wings thereafter to different regional states. The institution plans to double the number of branches to 10 in the fiscal year. Shiferaw Shigute, commissioner of the Ethiopian Cooperative Commission, acknowledged cooperatives' contribution to the financial landscape. However, limited capital capacity, leadership problems, and policy gaps remain persistent challenges. He urged cooperatives to expand their financial services and modernise their services through technology and good governance. Editor's Note: This article was updated from its original form on December 31, 2024.
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