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KUALA LUMPUR, March 4 — Khazanah Nasional Berhad posted a profit of RM2.9 billion for the financial year 2020 despite the fallout wrought by the Covid-19 pandemic on the back of investments in secure long-term portfolios and readjustments in debt management.
But last year’s revenue is still a far cry from the one made in 2019 after a successful turnaround saw profit from operations shoot up to a record RM7.36 billion compared to a loss from operations of RM6.27 billion the year before.
The Malaysian sovereign wealth fund has had a “steady” performance in the face of the coronavirus crisis, managing director Datuk Shahril Ridza Ridzuan told reporters in a Zoom video conference this afternoon.
“Khazanah continues to deploy investments in a prudent manner in line with its refreshed mandate while taking advantage of volatility to seek opportunities in global markets,” he said in a statement issued shortly after the briefing.
Khazanah said income from investee companies rose to RM5.2 billion from RM3.8 billion but was offset by lower divestment gains of RM2.7 billion compared to RM9.9 billion in 2019.
Still, the sovereign fund reported higher impairments of RM6 billion, particularly in aviation and hospitality assets, compared to RM4.9 billion in the previous year, attributing it to the impact of the Covid-19.
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