Tabung Haji records Q1 net profit of RM440mil

PETALING JAYA: Lembaga Tabung Haji (TH) has posted a net profit of RM440mil on the back of RM623mil in revenue for the first quarter ended March 31.

The pilgrim fund said in a statement that it had recorded a sustained performance following the successful completion of the restructuring and rehabilitation process carried out at the end of 2018.

TH noted that its financial position had also strengthened with total assets exceeding total liabilities of RM1.2bil, supported by an improved portfolio investment performance, as well as an overall healthy quality of assets after the impairment was made in 2018.

It also expects revenue to increase from the second quarter onwards 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.

“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 RM4.6bil,” it added.

As for the upcoming haj season later this year, TH said it had undertaken various initiatives to ensure quality services to all pilgrims.

They included improving the pre-departure 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.

Source: TheStar