Malaysian sovereign wealth fund Khazanah Nasional Bhd said Monday that its 2023 profit from operations surged more than threefold to 5.9 billion ringgit (about $1.3 billion) from 1.6 billion ringgit a year earlier, according to a statement.
Khazanah said the stronger performance last year was driven by higher dividends and distributions from its investee companies, fair value gains, and capital preservation.
Net asset value grew 4.3% to 84.8 billion ringgit in 2023 from 81.3 billion ringgit a year earlier, Khazanah said.
Khazanah has Malaysia’s second-largest lender CIMB Group, electricity utility Tenaga Nasional and national carrier Malaysia Aviation Group in its portfolio, according to its website.
It paid a dividend of 1 billion ringgit for 2023 to the Malaysian government, double that the previous year, according to the statement.
Khazanah said the global macroeconomic and market environment is expected to remain challenging and volatile this year, with ongoing geopolitical conflicts in the Middle East, the Russia-Ukraine war and tensions between China and the U.S.
“In this environment, Khazanah remains vigilant in its investment activities to maintain portfolio resilience through strategic diversification,” it said.
($1 = 4.6810 ringgit)
Reuters