The Malaysian Insider

KUALA LUMPUR, July 1 - Valuecap Sdn Bhd said assets under its management have grown to RM13.8 billion as at June 30 this year.

In a statement today, Valuecap said for the first six months of 2009, it generated an unaudited net profit of RM175 million on the back of RM341.7 million in revenue.

Its chief executive officer, Sharifatu Laila Syed Ali said the performance was extremely satisfactory considering that it was achieved under a volatile market environment.

"It also builds on the company's strong performance where it generated total fund return of 71.7 per cent since its inception, while its prescribed benchmark comprising the returns of the Kuala Lumpur Composite Index (KLCI) and money market instruments only recorded 33.4 per cent over the same period," she said.

Meanwhile, the equity portfolio had outperformed the KLCI by 62.5 per cent for the period. For the financial year ended Dec 31, 2008 the company generated a net profit of RM499.3 million on the back of RM881.7 million in revenue, while assets stood at RM8.25 billion.

Since its inception, Valuecap has generated cumulative profits of RM3.231 billion and returned more than 100 per cent or RM250 million to its shareholders in the form of dividends.

Sharifatu said the RM5 billion Government Guaranteed 10-year Term Loan facility from the Employees Provident Fund had been fully drawn down.

She said that while the company was cautious on the external front, it remained optimistic on the domestic front, with the government's pro-growth policies and recent liberalisation move.

Opening up the fund management industry, for example, not only adds further depth to the market by promoting healthy competition but also catalyses the inflow of foreign interest, she added.- Bernama

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