TH posts 1Q net profit of RM440 mln on stronger financial ground
KUALA LUMPUR: Lembaga Tabung Haji (TH) posted a sustainable performance by recording a net profit of RM440 million in the first quarter ended March 31, 2019, as a result of the successful completion of its restructuring and rehabilitation process implemented at the end of December 2018.
During the quarter, TH’s earnings totalled RM623 million.
TH, in a statement yesterday, 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 impairment was made in 2018.
TH expects its revenue will continue to increase from the second quarter onward with the issuance of sukuk by Urusharta Jamaah Sdn Bhd which would provide a return of almost RM800 million a year and the implementation of a new investment adjustment process.
During the three-month first quarter, more than 91,000 new savings accounts were opened, thereby increasing the total number of TH depositors to 9.3 million, it said.
“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 RM4.3 billion, while withdrawals accounted for RM4.6 billion,” it said.
In the run-up to the haj season later this year, TH 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 haj season are improving the predepature process in the country which will shorten the waiting period at the Jeddah and Madinah haj terminals.
TH will also provide airconditioned 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 grand assembly site).
The first haj flight is scheduled to depart on July 4, 2019, while the last flight on August 4, 2019, it added.