KUALA LUMPUR, Nov 30 — The country’s top 100 co-operatives (co-ops) have combined assets totalling RM123.24 billion as of this year, according to the Malaysia Co-operative Societies Commission (SKM).
These co-ops, which were ranked based on revenue, assets and shareholders’ fund, posted RM9.77 billion in income with shares and subscription fees collected amounting to RM8.59 billion this year, it said.
SKM executive chairman Datuk Nordin Salleh said this shows the importance of the 100 co-ops in the country’s overall co-op movement, which comprises 14,000 co-ops holding assets worth RM140 billion as of 2019.
He said this in a statement released in conjunction with the Symposium on the Co-op Movement’s Challenges in the Globalisation Era held here today. The event also saw the launch of a book titled Profil 100 Koperasi Terbaik Malaysia 2019 (“2019 Profile of Top 100 Malaysian Co-operatives in Malaysia”) and the Malaysia Co-operative Movement Index (IGKM).
SKM publishes annually the profiles of the top co-ops, which were evaluated based on financial factors such as liquidity and profitability ratio, non-financial factors and sustainability prior to being ranked.
Bank Kerjasama Rakyat Malaysia Bhd, an Islamic co-op bank better known as Bank Rakyat, retains the number one spot in 2019 for the fourth consecutive year.
“This year, 47 new co-ops have emerged on the list of the top 100 co-ops in Malaysia. The financial services sector continues to dominate with 48 credit and banking co-ops followed by 15 co-ops in the services functions and 13 co-ops in the agricultural functions,” he said.
Co-ops from the consumer functions, housing functions and transportation functions are represented by 11, three and two co-ops respectively while the remaining two co-ops are from the construction and industrial functions.
Regarding IGKM, Nordin called it a yardstick to gauge the well-being of co-op members.
The index — the first published by SKM — is vital given that nearly 20 per cent of Malaysians are co-op members, he explained.
To be released once every five years, the index measures economic, social and environment aspects. — Bernama