KUALA LUMPUR (Dec 5): The National Education Savings Scheme (SSPN) reported investment profit of RM151.5 million for the third quarter of 2019 (3Q2019), up 25.9% from RM120.33 million in the same quarter a year earlier (3Q2018). 

In a statement, the National Higher Education Fund Corp (PTPTN) said it employs strategies to protect SSPN savings including investing in short- and long-term Shariah-compliant instruments in the local market. 

PTPTN said its strategy of focusing on long-term fixed deposits had lessened the impact of volatility in global equities. 

In 2018, PTPTN distributed SSPN dividends at a rate of 4% to 3.52 million accounts, valued at RM118.61 million. 

Based on the current year’s performance, PTPTN expects to be able to increase or at least maintain the rate of the dividend payment. 

For the first nine months of 2019 (9M2019), SSPN saw total deposits of RM581.83 million versus RM486.92 million in the same period last year, bringing the total deposits to-date of SSPN to RM4.65 billion. 

PTPTN estimates the total deposits for 2019 to amount to RM1.3 billion, up 15% from RM1.13 billion in 2018. 

It said the projection is based on the education provided to encourage a culture of saving via programmes such as Jelajah SSPN, Minggu Menabung and Gerak Gempur Skim Simpanan. 

PTPTN’s performance was also helped by the increase in tax incentives from RM6,000 to RM8,000, under Budget 2019.
 
Meanwhile, a total of 347,709 new SSPN accounts were opened year-to-date up to Sept 30, 2019, with more accounts expected to be opened until year-end. 

From 2004 to the third quarter of 2019, a total of 4.26 million SSPN accounts have been opened, PTPTN said.