Welcome: Wee being greeted by a coop member at the launch of Kojadi’s 41st annual general meeting.
KUALA LUMPUR: Koperasi Jayadiri Malaysia (Kojadi) has been a successful cooperative, says MCA president Datuk Seri Dr Wee Ka Siong.
He said the 42-year-old cooperative recorded an after tax profit of RM9.35mil last year, up 16.2% compared to RM8.04mil in 2021.
Kojadi has been an excellent in terms of financial operation and administration, he added.
“Last year, it was ranked 16th in the Top 100 Best Cooperatives in Malaysia.
“Its total asset has grown from RM336.42mil in 2021 to RM365.85mil last year,” he announced during the cooperative’s 41st annual general meeting at Wisma MCA here yesterday.
Set up in 1981, the primary objective of Kojadi was to provide loans for students from underprivileged families.
According to its website, the cooperative had granted study loans totalling RM280mil to over 12,000 students over the decades.
Dr Wee said Kojadi, with a strong membership of nearly 60,000, had helped many people sail through financial difficulty.
In the early days, he said rubber tappers took loans to send children to study abroad.
He said small traders and businessmen in small and medium enterprises (SMEs), who were unable to provide security for loans, also benefited from the strength of the cooperative.
Dr Wee also expressed his vision for a more youthful leadership in Kojadi.
He said there had been young professionals, including those with banking industry background, joining the cooperative.
With their knowledge, he believed they would be able to instil ideas and perspectives to help it grow and strengthen the Kojadi brand name.
Kojadi chairman Datuk Koh Nai Kwong said over 2,000 SMEs benefited from the RM200mil government grant, provided through Kojadi between 2015 and 2022.
”The scheme has a low interest rate of 4% and has been a feasible solution for most SMEs,” he said.
Since 2015, the government announced a RM50mil business grant per year for SMEs.
The scheme was halted after the change of government in 2018 and was reintroduced last year.
“As for 2023, I have asked for another RM50mil from the Finance Ministry, which replied that it would be considered,” said Koh.
He said loan repayment was high even during the pandemic.
“Some borrowers applied for a moratorium, and all of them paid on time after that,” he revealed.
He said the cooperative announced a 4.5% dividend for all qualified members.
