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apple developer:Khazanah posts RM2.9b profit, dividend of RM2b for govt


KUALA LUMPUR: Khazanah Nasional Bhd, which saw its profit from operations fall to RM2.9bil in 2020, declared a dividend of RM2bil for the Government. Khazanah’s profit from operations stood at RM7.4bil in 2019. In 2020, Khazanah’s dividend income from investee companies rose to RM5.2bil from RM3.8bil but was offset by lower divestment gains of RM2.7bil compared to RM9.9bil in 2019. The sovereign wealth fund said the impact of the Covid-19 pandemic led to higher impairments of RM6bil, particularly in aviation and hospitality assets, compared to RM4.9bil in the previous year. Its financial position remained strong with debt reduced by 6% to RM43.1bil from RM45.8bil in 2019, while realisable asset value cover fell slightly to 2.9 times from 3.0 times. In a statement Thursday, managing director Datuk Shahril Ridza Ridzuan said 2021 will continue to be a challenging year. “Even as the National Covid-19 Immunisation Programme begins, the vaccine roll-out in Malaysia and across the world will take time. “We will see more progress towards a return to recovery and normalisation as the world gets a better grip of the situation and the impact of the various public health and economic measures gains further traction. “In key sectors such as aviation and tourism, it is unlikely that a full recovery will happen before 2023,” he said in a statement. Shahril said Khazanah had identified five strategic priorities for the coming years. “These priorities include further enhancing our commercial returns, delivering impactful value through our strategic investments, becoming a responsible organisation through embedding ESG considerations across all investment activities, building a strong digital and technology foundation and finally, investing in our people to achieve a culture of high performance and collaboration.” Meanwhile, Khazanah said the commercial fund generated a two-year rolling time-weighted rate of return (TWRR) of 1.5% against its long-term targeted return of Malaysian consumer price index (CPI) +3% on a five-year rolling basis. The commercial fund’s realisable asset value (RAV) stood at RM95.3bil as at the end of 2020. The strategic fund recorded a gain of 0.3% in 2020, against the targeted rate of return of the 10-year Malaysian Government Securities (MGS) yield on a five-year rolling basis. The strategic fund’s portfolio Realisable Asset Value (RAV) stood at RM27.9 billion as at 31 December 2020, decreasing by 15% from RM32.9bil a year ago. Khazanah said various measures to curb the spread of COVID-19 resulted in the tourism, hospitality and aviation sectors taking a considerable hit. “Investee companies such as Malaysia Airlines (MAB), Malaysia Airports Holdings and themed attractions resorts & hotels (TAR&H) were not spared. “Khazanah had to impair several assets, namely RM3.1bil for MAB’s parent Malaysia Aviation Group Bhd (MAGB) and RM1.8bil for TAR&H to account for these effects,” it said. Separately, Khazanah said as the sole shareholder of MAGB, it continues to provide full support and close cooperation in the comprehensive efforts to ensure the national carrier’s sustainability post-pandemic. On Feb 22, the High Court of Justice of England and Wales sanctioned a Scheme of Agreement between MAGB’s leasing entity, MAB Leasing Limited, and the majority of MAGB’s aircraft operating lessors, following unanimous support from the lessors. This represents an important component of the wider restructuring exercise which will achieve a reduction in MAGB’s liabilities of over RM15bil, Khazanah said. “Moving forward, MAGB will focus on working closely with the Government and stakeholders on restarting air travel and promoting industry recovery, as well as continuing cash conservation while capturing demand recovery as part of its internal restructuring,” Khazanah said.

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