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Malaysian sovereign wealth fund Khazanah Nasional’s profit from operations plunged 60.81% last year, hit by higher impairments and lower divestment gains amid the coronavirus crisis, and it expects 2021 to remain challenging, with the key aviation and tourism sectors unlikely to recover fully before 2023.
The fund’s profit from operations declined to 2.9 billion ringgit (US$712.22 million) from 7.4 billion ringgit in 2019.
Although dividend income from investee companies jumped 36.84% to 5.2 billion ringgit, this was offset by a sharp drop in divestment gains to 2.7 billion ringgit from 9.9 billion ringgit in 2019.
Nevertheless, the wealth fund doubled dividend payments to the government, its sole shareholder, to 2 billion ringgit from 1 billion ringgit in 2019.
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Khazanah Nasional Bhd managing director Datuk Shahril Ridza Ridzuan: On the (dividend) request from the government, whether you consider it as a higher dividend for 2020, to help support the government during this time, I think it is a valid request and due to the higher budget approved for 2020. KUALA LUMPUR: It is a valid request for the government to ask for a higher dividend for 2020 due to the extraordinary financial pressure faced last year, said Khazanah Nasional Bhd managing director Datuk Shahril Ridza Ridzuan.
According to the Khazanah Annual Review 2021 released today, the sovereign wealth fund declared a dividend of RM2.0 billion for 2020 to the government, double the RM1.0 billion dividend declared for 2019.
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