Armed Forces co-op announces 10% dividend

Defence Minister Mohamad Sabu at the opening of the Armed Forces Cooperative’s annual general meeting at the Sungai Buloh army camp. (Bernama pic)

PETALING JAYA: The Armed Forces Cooperative today announced a 10% dividend, amounting RM145 million, for its 154,620 contributors.

Defence Minister Mohamad Sabu said the dividend payout is based on the cooperative’s pre-tax profit and zakat of RM184.33 million from a net income of RM313.5 million recorded in the 2018 financial year.

He said the cooperative had an excellent and consistent record of paying dividends, including last year’s positive financial performance, while also noting the RM13.6 million in profits from members’ deposits.

“Despite the country’s economic health not at its very best, the cooperative still managed strong returns,” he told reporters after officiating the opening of the cooperative’s annual general meeting at the Sungai Buloh army camp here today.

Present were cooperative chairman Zulkiflee Mazlan, Royal Malaysian Navy chief Mohd Reza Mohd Sany and Royal Malaysian Air Force chief Affendi Buang.

At the same event, the cooperative announced an online service to serve its members better.

Known as “KT Online”, the service is part of the cooperative’s plans to incorporate digital services and products for its members and clients.

Zulkiflee later also handed over RM450,000 in business tithes from the cooperative to the Armed Forces Veterans Foundation zakat fund. - FMT