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Tabung Haji Q3 performance boosts profit further

Tabung Haji corporate logo AZHAR MAHFOF/The Star (4/2/2016)

Syndicated News
Written by Syndicated News

KUALA LUMPUR — Nov. 28, 2019: Lembaga Tabung Haji recorded a net profit of RM500 million in this year’s third quarter, boosting profit for the first nine months to RM1.3 billion.

A statement said the outcome was a result of ongoing cost-saving measures in its management and administration.

The company also recorded earnings of RM900 million for the same quarter, increasing revenue for the first nine months to RM2.1 billion.

The funds were generated mainly from fixed income asset investment (RM1.1 billion), real estate investment (RM400 million), equity investment (RM300 million) and Islamic money market instrument investment (RM300 million).

The shift in the pilgrimage fund’s investment strategy to a more stable investment asset managed to ease the pressure from equity market volatility caused by global trade war tensions.

Depositors’ support and confidence in TH as an institution that helps Muslims to save for their haj pilgrimage remains intact, with deposits reaching RM70 billion as of last September 30.

Throughout the third quarter, more than 87,000 new savings accounts were opened, increasing the number of depositors to 9.43 million. — Bernama

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