Secretary's Review of Year 2022
Introduction
Despite the challenges in 2018 the Co-operative maintained a commendable performance. The Board of Directors have recommended 5% Bonus Shares to be paid out to all members. Slowly but surely our vision is becoming a reality. We dreamt of owning an estate and today our 2112 acre estate in Kelantan is a reality.
Members expectations are high because of our past impressive performance. You all are aware that we had consecutively for the past 21 years paid 8% dividend. Then for the past two (2) years paid 5% in the form of Bonus Shares. Till our estate is fully productive in about two (2) years, our income will not be enough to declare 8% dividend.
The uncertainties of the year under review made it difficult for us to make big profits. However, we managed to make a reasonable profit. We had an income of RM4,140,741. It was an increase of RM23,234 compared to the previous year.
We made a profit of RM667,476.
Our expanses was RM3,473,265, a decrease of RM438,753 compared to the previous year.
Our book value assets now stands at RM129,823,945. Many of them have not been revalue and therefore our true assets value could be more than RM250,000,000. Our total Share and Subscription stand at RM77,280,549. It is obvious that our Co-operative is on a strong footing.
Over the past 8 years alone we invested more than RM69,214,195 in properties and developing the estate, Ladang KSKB in Kelantan. In 2010, we had invested only RM8,350,854. This increase in the past 8 years in our assets is higher than what we were able to accumulate in the first forty (40) years of our existence.
We will be on a fast growth trajectory over the next few years. All Shares and Subscriptions are fully backed by immovable assets. Our new investments have not given us the kind of returns we expect but over the next few years they will increase and improve our profits.
Definitely our income will improve. We expect all our buildings to be tenanted and the Kelantan estate, Ladang KSKB to be fully productive in 2 years.
The political climate has dramatically changed in our country after 60 years. There are uncertainties worldwide that is causing the economy to slow down. The new government, although under the leadership of an experienced politician, has not been able to meet the peoples’ expectations. There are also under currents of a power struggle among the ruling elite.
We hope there will be political stability which will improve the economic conditions and for our country to again prosper.
