Urithi Coop’s revenue rises to Sh4 billion    

By James Wakahiu

Urithi Housing Co-operative Society has seen its revenue grow from Sh100 million in 2012 to Sh4 billion in 2016.  The society’s chairman Samuel Maina says their membership has grown to more than 26,500 and now includes Kenyans in the diaspora members. 

Speaking during the society’s seventh annual general meeting held at Hilltop Resort in Nakuru town, Maina attributed the increase to vigorous work undertaken by sales executives and the rise of the Urithi brand. “We have also  issued over 6,500 titles and handed over 550 homes to members,” he said.

Completed housing projects include; Own A Room One in Juja, Kiambu county; Nyumba Mia in Spring-View Gatuanyaga; Gem I Witeithie at Thika; Nyumba Mia in Lanet (Nakuru) and Nyumba Mia Juja Plainsview Estate.

Maina said during the last four years, Urithi has settled hundreds of Kenyans in over 3,000 parcels of land. “Going forward, we are working towards the handover of ongoing, affordable housing projects in a few  months,” he said.

Maina admitted that 2017 was a year of challenges raised by economic, political and social forces. It was a year of business uncertainty, complexity and volatility, mainly to political jitters associated with the General Election, he noted.

“The real estate sector was one of the hardest hit industries. The prolonged campaigns placed a strain on businesses which led to a decline in inflation to as low as 4.7 per cent in November 2017. This in turn affected the publics’ and indeed our member’s buying and saving power,” noted the chairman.

He commended the society’s board of directors who he said, have throughout the years, given their support and commitment towards the growth of the society. “We will also seek and secure more affordable housing opportunities and consider partnerships to deliver on the promise to expand service provision,” said Maina.

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