Sun. Aug 25th, 2019

Tabung Haji posts Q1 2019 net profit of RM440 million

 

Lembaga Tabung Haji posted a net profit of RM440 million for the first quarter of 2019, as a result of the successful completion of its restructuring and rehabilitation process implemented at the end of 2018.

During the quarter, Tabung Haji’s earnings totalled RM623 million.

In a statement today, it said its financial position strengthened with total assets exceeding total liabilities of RM1.2 billion, supported by improved portfolio investment performance, as well as overall healthy quality of assets after the impairment was made in 2018.

Tabung Haji expects its revenue to continue to increase from the second quarter onward with the issuance of sukuk by Urusharta Jamaah Sdn Bhd.

This is expected to provide a return of almost RM800 million a year and the implementation of a new investment adjustment process.

During the first quarter, more than 91,000 new savings accounts were opened, thereby increasing the total number of depositors to 9.3 million, Tabung Haji said.

“As an institution that helps Muslims save for the hajj, the fund management operations remained smooth, without any interruption during the quarter.

“Tabung Haji recorded new savings of RM4.3 billion, while withdrawals accounted for RM4.6 billion,” the statement read.

In the run-up to the hajj season later this year, Tabung Haji said extensive preparations were made during the quarter, including the implementation of various initiatives to ensure quality services to all pilgrims.

It said among the initiatives to be undertaken for this year’s hajj season are improving the pre-departure process in the country, which will shorten the waiting period at the Jeddah and Madinah hajj terminals.

Tabung Haji will also provide air-conditioned tents in Arafah to provide comfort, as well as address health-related risks due to the hot weather and prepare Malaysian meals for the pilgrims in Masyair.

The first hajj flight is scheduled to depart on July 4, 2019, while the last flight will be on Aug 4, 2019, it added.

– Bernama

 

Sharing!

Leave a Reply

Your email address will not be published. Required fields are marked *

shares