Simba to spend Sh506m less in 2023/2024 financial year

Dar es Salaam. Officials of the Tanzanian giants, Simba, have said that the club is expected to spend Sh506,724,946 less than what they will collect in the 2023/2024 financial year.

That was revealed on January 21, 2024 during the club’s annual general meeting held at the Julius Nyerere International Convention Centre (JNICC) in Dar es Salaam.

The club’s finance department official, Suleiman Kahumbu, said that the club is expecting to collect Sh25,930,722,300 from various sources, including sponsorships, prize money and others.

Among the club’s sources of revenue are the team’s main sponsor, M-Bet Tanzania, who will pour in Sh2.6 billion as well as prize money for both men and women teams. Other sources of income are television rights from Azam Television and Sunderland, which sell Simba’s jerseys.

He added that the former club’s chairman of the board of directors, Mohammed Dewji, popularly known as Mo contributed Sh2.4 billion to the team’s earnings. Kahumbu said that apart from targeting to collect such huge money, the club will also spend Sh25,423,997,354 in the same financial year.

He explained that the expenses are due to high operation costs. Giving examples, he noted that Sh2.5 billion will be spent on recruiting new players, Sh6.8 billion for salaries, and Sh3.6 billion will be used to pay players’ and technical bench’s bonuses.

Other expenses, according to Kahumbu, are termination dues, foreign players and officials’ working and resident permits, accommodation, hotel, and travel expenses, among many others.

“You can see that we collect and spend the money transparently. So the difference between what we expect to collect and spend is Sh506, 724,946. It is positive for us as we are not operating the club with a deficit budget. This shows how we are running the club efficiently,” said Kahumbu.

He said that in the 2022/2023 financial year, the club spent Sh5.6 million less than what they collected. According to Kahumbu, the club collected Sh15,942,447,711 and spent Sh15,936,829,443. He said that earlier, their plan was to collect Sh13,680,798,296.

 “We exceeded our plan in that financial year, but the expenditures were also high, but we managed to fill the gap as we collected more than our earlier plans,” he said.

Club chairman Murtaza Mangungu highlighted the club’s achievements despite the various challenges they have faced.

Meanwhile, Simba’s Chief Executive Officer, Imani Kajula, outlined the club’s goals, including building a strong team capable of winning trophies.