SIBU: In 2018, Rajang Port Authority (RPA) Cooperative Society Limited was selected to be one of the top best 100 Star ranking cooperative among the 13,428 cooperatives in Malaysia.
This was disclosed by the chairman Christopher Yet Chuong Hin during the 18th Annual General Meeting (AGM) of RPA Cooperative Society Limited on Friday evening.
According to him, last year, the cooperative also recorded the highest profit ever of RM83,042.65, a 12 percent increase, compared to RM74,273.02 in the previous year.
“Revenue was RM89,944.40 while expenditure was RM6,901.75. The expenses incurred was only 7.7 percent of the total income.
“In appreciation of the members’ support, we propose to declare 6.5 percent bonus and 10 percent dividends on members’ recurring savings and share capital respectively for 2018 after a deduction of 25 percent as the Statuary Reserves,” said Yet.
The cooperative, he added, also provided 28 financial loans totalling RM567,000 and 119 advances during festive celebrations and the opening of new school terms amounting to RM209,000 to its members in 2018.
“We have a dedicated Board of Directors to manage the affairs and activities, especially in granting loans, rendering of social welfare and financial services to our members. It is paramount to achieve the ultimate goal of helping our members increase their income and involving them in business besides improving their standard of living, relieving them from financial burdens and preparing them to meet their unavoidable eventualities during economic recession.
“Because of good liquidity, we are able to provide a monthly loan of RM65,000 to eligible members because our net current assets stand at RM944,324.74. The total savings of our members stand at RM756,270 on the same date of auditing,” Yet said.
He also explained that the cooperative was registered on June 5, 2002 and members were eligible to apply for a loan of RM1,000 at 8 percent interest pa with a repayment period of three years.
Yet hoped that more RPA staff could join the cooperative.
With stronger support, he said they could focus on pulling all resources together and carrying out large-scale businesses and making higher profits.
He attributed the success of the cooperative to the keen support from all the members and management under the dynamic leadership of the general manager Datin Helen Lim Hui Shyan.
