KUALA LUMPUR: Lembaga Tabung Angkatan Tentera (LTAT), or the Armed Forces Fund Board, has declared total dividend and bonuses of 12.5% for the financial year ended Dec 31, 2017 (FY17).
In a statement today, LTAT said the payment comprised 6% dividend and 6.5% special bonus in the form of unit trusts for active members.
LTAT said this followed a record profit in FY17, with the fund registering a substantial 12.1% increase in unaudited net profit of RM667.1 million compared with the previous year’s RM595 million.
In line with its improved profit, LTAT said it had announced an increase in dividends for the year, which was higher than the average yearly dividend and bonuses paid out since the establishment of the fund 45 years ago of 11.3% per annum.
“LTAT has achieved commendable results during the year.
” I am pleased with its performance and am confident that it will continue to reach new heights of excellence for the benefit of serving and retired members of the armed forces,” Defence Minister Hishammuddin Hussein said.
LTAT said its total assets rose by 4.2% to RM10 billion from RM9.6 billion last year with members’ contributions also increasing to RM8.8 billion compared with RM8.6 billion in FY16.
On another note, the board said, it processed 8,139 withdrawal applications from its members in 2017, upon completion of their service with the armed forces, with the total amount withdrawn being RM1.2 billion.
It said 2,401 members, who were eligible to purchase a house or land, were paid RM20.1 million as part of the housing withdrawal scheme while another RM6 million was paid out to 183 members or next of kin as part of the death and disability benefits scheme.
In line with its Perbadanan Perwira Niaga Malaysia transformation programme, LTAT said it continued to help its members cope with the rising cost of living by providing a variety of consumer goods at below market prices.
“To-date, a total of 50 categories of products are available through this programme and RM10.9 million was spent as subsidy under this initiative in 2017,” it said.
The board said it had also contributed RM416.1 million to fund scholarships and welfare programmes for the benefit of over 134,600 eligible serving and retired members of the armed forces and their families.