PETALING JAYA: Khazanah Nasional Bhd recorded a profit from operations of RM5.1 billion for 2024 while maintaining a robust realisable asset value (RAV) and a debt ratio of 3.2 times.
Managing director Amirul Feisal Wan Zahir attributed the strong performance to disciplined monetisation strategies, steady dividend income, and fair value gains from global public equities.
“2024 was a good year for us. Our net asset value (NAV) grew by RM18.8 billion to RM103.6 billion, up from RM84.8 billion in 2023. Meanwhile, our total portfolio size, as measured by RAV, rose by RM16.3 billion to RM151.3 billion from RM135 billion the previous year,” he said at the Khazanah Annual Review 2025 media briefing.
The sovereign wealth fund also declared a RM1 billion dividend for 2024, bringing its cumulative dividend contributions to the government to RM19.1 billion since 2004.
Malaysia’s Economic Resilience
Amirul noted that Malaysia’s economy remained resilient in 2024, with GDP growth expected to accelerate to between 4.8% and 5.3%.
The ringgit strengthened by 2.7% against the US dollar, while the FTSE Bursa Malaysia KLCI (FBM KLCI) posted an impressive 12.58% gain.
Khazanah’s disciplined investment strategy, coupled with the country’s strong economic environment, drove a NAV time-weighted rate of return of 24.6%—a significant increase from 5.7% in 2023.
Long-Term Growth and Future Strategy
From a broader perspective, Khazanah’s NAV has grown from RM33 billion in 2004 to RM104 billion in 2024, achieving a compounded annual growth rate (CAGR) of 5.9%.
“This growth aligns with Khazanah’s mandate to generate sustainable returns for the nation while enhancing Malaysia’s long-term wealth,” Amirul said.
However, he acknowledged weaker performance in the private market due to the lagging effects of higher interest rates and a challenging financing and exit environment.
Looking ahead, Khazanah plans to continue its value creation efforts and portfolio rebalancing strategy to strengthen its balance sheet and build a more resilient financial position.
