537,000 peso profit earned in 2007
The Board of Directors of SEEDFINANCE has announced that the Corporation earned 537,000 pesos in 2007. This was achieved in spite of insufficient loan and equity financing from creditors and shareholders.
The Corporation earned a total of Php 12.18 million in gross revenues of which 79% came from interest incomes on loans. Gross financial costs reached Php 5.8 million while operating expenses reached Php 5.27 million leaving a net profit of Php 0.537 million. The Corporation is seeking additional equity investments, primarily from among its partner MFIs and also from interested foreign investors that share the vision of SEEDFINANCE of seeing more poor people benefit from microfinance services. The Corporation expects profits to reach at least Php 2 million in 2008.
Client outreach has reached 310,000 people
SEEDFINANCE is now reaching out to more poor people in the country. The client outreach of the Company in 2007 has reached 310,000 people. The Corporation is serving them through its partners network of 52 MFIs.
The management of SEEDFINANCE Corporation revealed recently that the client outreach of the Company has reached 310,000 people, as of December 31, 2007. This is the highest level of client outreach that the Corporation has attained in its entire history of 14 years.
This was achieved through the sturdy partner network of SEEDFINANCE which is comprised of 52 strong microfinance organizations. It is expected that the client outreach of the whole network will further increase in 2008 with many partners expanding their service delivery and branches. The client coverage of the whole SEEDFINANCE network is rapidly increasing with more rural municipalities being penetrated and served.
