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.