Khazanah post record FY19 profit

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KUALA LUMPUR – Malaysian sovereign wealth fund Khazanah Nasional Bhd posted a turnaround in the financial year of FY19 with a record profit booking a huge jump in gains from divestments as it braces for a challenging year due to the Covid-19 coronavirus.

The sovereign wealth fund staged a profit from operations climbed to RM7.36 bil compared with a loss of RM6.27 bil in the previous year.

“Gains on divestments increased to RM9.9bil while impairments were at RM4.9bil. Khazanah declared a dividend of RM1bil for FY 2019″. The sovereign fund said in a statement.

Khazanah’s debt was also reduced by 17% to RM45.8bil from RM55.2bil in 2018, giving the government a dividend of 1 billion ringgit.

Khazanah managing director Datuk Seri Shahril Ridza Ridzuan said that 2020 will be particularly challenging as the global economy is harmed by the ongoing Covid-19 outbreak.

Khazanah will aim to further diversifying the Commercial Fund. The Commercial Fund’s net asset value was RM73.1bil as at Dec 31,2019.

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