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TH Says Finances Still Strong With Positive Asset/liability Ratio

Last update: 17/11/2016
PETALING JAYA, Nov 17 (Bernama) -- Lembaga Tabung Haji (TH) today assured that its finances remain strong with a positive asset to liability ratio.

Group Managing Director/Chief Executive Officer Datuk Johan Abdullah said TH's total asset value is more than its liabilities and more importantly all deposits made to the pilgrimage fund are guaranteed by the Government.

"Alhamdulillah (Thank God), TH's businesses and investments are moving well as usual. Currently, our assets are more than liabilities and we still make profits, otherwise we can't pay the dividend," he told reporters after TH's tithe payment under the 'Iqra 2016' programme here today.

Johan said, however, TH's total asset value was not constant as it was based on market value.



He said TH investments were also subject to the economic conditions and business outlook, and more importantly, the management was steady and able to react fast in response to the market conditions.



"We have strategic sectors like in properties and plantation.



"TH properties, locally and abroad, such as in the United Kingdom, Australia and Saudi Arabia, are quite stable and the management is working on the pipelines to add more recurring and stable income for depositors," he said.



He added that TH's venture into properties had varied objectives; some for immediate income while other projects involved development which may take two to three years to generate better returns.



TH's realisable assets stand at RM64.74 billion and it recorded a surplus of net assets valued at RM1.44 billion as at Dec 31, 2015 based on its Annual Report 2015, which had been given a clear audit status by the Auditor General's Department.



On depositors' trend, Johan said the contributors' confidence in TH was increasingly being restored after the recent political attacks and the deposit trend has now stabilised.



Meanwhile, on return for depositors for the financial year (FY) 2016, Johan said it was too preliminary and it would not be a thrill if it is been hinted too early.



The pilgrimage fund board paid depositors a bonus of five per cent for FY 2015 plus an additional bonus of three per cent for depositors who have not performed the haj, while for FY 2014, it gave total dividend and bonus of 8.25 per cent, the highest since it started operating 52 years ago.



-- BERNAMA





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