Khazanah post record FY19 profit

1 min read
0
0
262

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.

Load More By Desk Writer
Load More In Malaysia
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Check Also

PDP-Laban Stands for Their 2022 Presidential Poll and It is Manny Pacquaio

Unexpectedly, The group of the Partido Demokratiko Pilipino–Lakas ng Bayan drove by Sen. M…