Malaysia’s Armed Forces Fund Board reported a 2 ½-fold increase in profits for 2020 in spite of the coronavirus crisis, attributing the jump to an asset allocation plan put into motion two years ago which allowed it to meet short-term goals while being sustainable for the long term. Net profit rose to 229 million ringgit (US$55.51 million) from 92.8 million ringgit in 2019 and the board, known by its Malay language acronym LTAT, declared a 3.5% dividend, up from 2.5% in the prior year. LTAT manages the retirement savings of Armed Forces personnel. “A key contributing factor to LTAT’s improved results was also the successful implementation of high-impact initiatives via LTAT’s Transformation Plan,” Defence Minister Ismail Sabri Yaakob says in a statement on May 13. He did not specify the other factors.