Tabung Haji 1H 2019 net profit increases to RM815 million

Lembaga Tabung Haji’s (TH) net profit rose to RM815 million in the first half of 2019 (1H 2019), with an asset surplus of RM1.8 billion.

In a statement today, TH attributed the stronger financial performance to its sustainable investment strategy and prudent cost management.

“For the first six months of 2019, TH had achieved RM1.3 billion in income, mainly due to contributions from fixed asset investments (RM663 million), real estate (RM292 million) and Islamic financial market instruments (RM199 million).

TH’s income is expected to increase when it receives the full benefit from Urusharta Jamaah Sdn Bhd’s sukuk issued on May 30, 2019.

Additionally, the shift in the pilgrimage fund’s investment strategy to more stable investment assets has managed to ease the pressure from the uncertainties in the financial market due to the trade war tension.

“As of June 30, 2019, TH’s financial position remained strong with total assets worth RM74 billion and liabilities worth RM72.2 billion,” it said, adding that support and confidence from its depositors remained strong, with total deposits amounting to RM71.0 billion as at June 30, 2019.

Just like the previous years, TH said it expected withdrawals to increase in 1H 2019 following the announcement on its hibah payout and the start of the haj season.

On another note, the pilgrimage fund said the first flight for the haj season departed on July 4, and as of yesterday, 42 flights carrying more than 20,000 pilgrims from Malaysia have arrived at the Holy Land.

The Muassasah pilgrims are staying in 14 hotels located about 600-950 metres from Masjidil Haram, it said, adding that so far, the haj operations have been running smoothly without any untoward incidents.

- Bernama

 -Mkini