Dear Co-operators,
Celebrating our achievements, investing in our future…
Once again, it is accountability time and I warmly salute you on this day as I welcome you to the 4th Annual General Meeting (AGM) of our great cooperative society.
It is with mixed feelings that I write this message to you because we are celebrating performance of two years on the same day in the midst of an unfamiliar yet a new way of doing business. Though, this AGM covers year 2018 and 2019, we cannot but mention the peculiar situation surrounding us at today’s meeting. That is the limitations posed by the advent of COVID-19 and its attendant difficulties of doing business. As such we pray for repose of the soul of our compatriots who have lost dear lives before and/or during the pandemic.
For the years under review, GRMCMS continued to develop her business model in a reliable and sustainable way, while building for the future by investing in infrastructure, technology, and innovation. In a very demanding and volatile financial sector of the country GRMCMS delivered strong operating results across all indicators. These results validate our long-term value creation model, which is based on the balanced pursuit of resource-efficient top-and-bottom-line as well as improved resource efficiency. Together, these elements enable us to continue generating value for you, our contributors overtime.
Dear co-operators, at GRMCMS we firmly believed in consistency and dependability, and never more so than in these uncertain times. This consistency and this dependability are reflected in gross revenue growth of 59% above previous year’s performance and 70% growth in the shareholder’s fund. These key attributes also energized the society to point of producing for members a pay-out of 56% higher prior year for year 2019 as share or reserve after statutory deductions (in line with regulatory authority’s approvals). This demonstrates the financial stability of the society, supported by prudent and responsible financial management, and on which so many of you have come to depend.
Also, these attributes (dependability) is the major point of attractions for financially discerning staff who desire to keep their hard earned money in a secure and growing asset like that of GRMCMS. During the year, membership grew by 23% from 56 (2018) to 79 in 2019. Dear Co-operators, please join me to say a big welcome to our new members.
In conclusion, I leave you with words of Mohammed Bin Rashid Al-Maktooum (2012), “overcoming the challenges in the race for excellence is the secret of success; failing to do so the reason behind defeat and trailing behind other nations”. I assure you that we will continue to innovate new ways and improve ideas to ensure the safety of your asset and guarantee growth, so that we will continue to succeed and not fall behind.
In line with foregoing paragraph, we as a body will continue to appraise the environment for opportunities that will profit you. in particular and beyond real estate that we about venturing into, we will look at the direction of foreign currency denominated investments (such as euro dollar investments).
Once again, on behalf of the Management Team of our great cooperative, I wish to congratulate you on this special day and ask you to be optimistic while reflecting on the day and the realities of the time.
Thank you.
Omotayo Olusegun Bamishe (fca)
President