Tabung Haji records Q1 net profit of RM440m
Monday, 13 May 201912:48 PM MYT
Pilgrimage fund Tabung Haji recorded net profit of RM440mil on revenue of RM623mil in the first quarter ended March 31, 2019.
KUALA LUMPUR: Pilgrimage fund Tabung Haji recorded net profit of RM440mil on revenue of RM623mil in the first quarter ended March 31, 2019.
It said on Monday it recorded sustained performance following the susccessful completion of the restructuring and rehabilitation process carried out at the end of 2018.
TH said its financial position was strengthening further with assets exceeding liabilities by as much as RM1.20bil.
Its financial position had also strengthened with total assets exceeding total liabilities of RM1.2bil, supported by improved portfolio investment performance, as well as an overall healthy quality of assets after the impairment was made in 2018.
TH also expected revenue to increase from the second quarter with the issuance of sukuk by Urusharta Jamaah Sdn Bhd which will provide a return of almost RM800mil a year and the implementation of a new investment adjustment process.
TH also said in the first quarter, more than 91,000 new savings accounts were opened, increasing the total number of depositors to 9.3 million.
"As an institution that helps Muslims save for the haj, the fund management operations remained smooth without any interruption during the quarter.
“TH recorded new savings of RM4.3bil while withdrawals accounted for RM4.6 billion," it said,” it said.
As for the haj season later this year, TH said it had undertaken various initiatives to ensure quality services to all pilgrims.
They included improving the pre-depature process in the country which would shorten the waiting period at the Jeddah and Madinah haj terminals.
The first haj flight is scheduled to depart on July 4 and the last flight on Aug 4.
Read more at https://www.thestar.com.my/business/business-news/2019/05/13/tabung-haji-records-q1-net-profit-of-rm440m/#bov6xZ3by8T10DSH.99
