Tuesday, September 24

RPA Co-operative Society makes RM83,042 profit

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Yet (seated centre) with his executive committee members at the AGM.

SIBU: Rajang Port Authority Co-operative Society Berhad last year approved 147 loans totalling RM567,000 and gave out 119 advances totalling RM209,000 to members for use during festivals and back-to-school expenditure.

Its chairman, Christopher Yet Chuong Hin, disclosed this during their 18th annual general meeting, held at the port premises last Friday.

“We provide loans to members for purposes such as payment of motor insurance, education, disaster relief, personal loans of RM30,000 with eight per cent interest, payment of house and car loans, hire purchases and advances.

“We have a dedicated team of Board of Directors to manage our affairs and activities, especially in granting loans, and the rendering of social welfare and financial services to our members.

“Helping members is our priority. Our finances are quite liquid. We are capable of giving out loans of RM65,000 a month to eligible members. We have net assest totalling RM944,324.74. Members’saving stands at RM810,932 while total loan given to members is RM756,270.”

Yet added that RPA Cooperative Society recorded a profit of RM83,042 this year, a 12 per cent increase from last year’s RM74,273.

“Revenue is RM89,944 against expenditure of RM6,901 while total expenses incurred was only 7.7 per cent of the total income.

“In appreciation of the members’ support, we propose to declare a 6.5 per cent bonus and 10 per cent dividend on members’ recurring saving and share capital respectively for last year, after deducting of 25 per cent to the Statutory Reserves,” he said.

“The cooperative was initiated by me, and was registered on June 5, 2002. Initially, members were eligible to apply for loan of RM1,000 at eight per cent interest per annum with a repayment period of three years.”

Membership then was only 50, and has increased three folds after 18 years, which represents 64 per cent of the total staff strength of RPA.

“With the support from all the members and management team under the dynamic leadership of our general manager, Datin Helen Lim Hui Shyan, I am happy to note that our cooperative has been named as one of the top best 100 Star ranking co-operatives among the 13,428 cooperatives in Malaysia.”