Malaysia Co-Operative Societies Commission Announces 3.6 Pct Dividend For 2024

KUALA LUMPUR, Feb 4 (Bernama) – The Malaysia Co-operative Societies Commission (SKM) today announced 3.60 per cent dividend for the Cooperative Deposit Account (ADK) for the financial year ending Dec 31, 2024.

Executive chairman Lt-Gen (Rtd) Datuk Ahmad Norihan Jalal said the total income for distribution was RM12.46 million.

He said that as of Dec 31, 2024, a total of 904 cooperatives including the Co-opbank Pertama (CBP) had deposited an accumulated amount of RM411.2 million with ADK-Kumpulan Wang Rezab Statutori (ADK-KWRS).

"The number of cooperatives had increased by 97 per cent to 904 from 459 in 2023 while total deposits increased by 32 per cent to RM411.2 million from RM312.5 million in 2023.

"This shows that the cooperatives sector continues to be relevant despite the economic instability," he said at the ADK-KWRS dividend announcement ceremony for 2024 here today.

SKM said in a statement that by January 2025, the total amount of deposits in the ADK account had exceeded RM411.2 million and was a very encouraging performance for the cooperatives movement.

In appreciation, 20 cooperatives have been selected to receive ADK income distribution appreciation certificates for 2024 from SKM, he said.

The commission also said that CBP has been re-appointed as the ADK fund manager starting from Oct 14 for a period of five years until October 2029.

It is an initiative under the Cooperative Services Sector Development Plan by SKM to empower the cooperatives sector.

-- BERNAMA