RM5.1 Billion Profit from Operations for 2024: Strong Performance of Malaysian Investment and Significant Value Creation Initiatives!

Khazanah Continues to Create Long-Term Value, Catalysing Innovation, and Delivering Socio-Economic Outcomes

2024 Highlights

RM5.1 billion profit from operations
Strong 2024 NAV TWRR of 24.6%, an increase from 5.7% in 2023
RM103.6 billion Net Asset Value (NAV), a significant increase of RM18.8 billion from FY2023
Established Jelawang Capital, a Dana Impak Initiative, as the National Fund-of-Funds to accelerate Malaysia’s venture capital ecosystem
8,222 youths impacted through K-Youth Programme, including from B40 communities

Strong Financial Performance and Investment Growth

KUALA LUMPUR, 5 February 2025 – Khazanah Nasional Berhad (“Khazanah”) today announced strong financial results for 2024, reinforcing its commitment to delivering sustainable returns and growing the nation’s long-term wealth.

Dato’ Amirul Feisal Wan Zahir, Managing Director of Khazanah, highlighted, “We achieved significant growth in our portfolio in 2024, driven by the strong performance of our Malaysian investments, particularly our holdings in major constituents outperforming the KLCI. Our positive performance is also influenced by the Ekonomi MADANI framework, championed by the Prime Minister, demonstrating how strategic investments and sustainable practices drive inclusive economic growth.”

Malaysia’s economy exhibited strong resilience in 2024, with GDP growth expected between 4.8% to 5.3%. The Ringgit strengthened by 2.7% against the US dollar, and the FBM KLCI gained 12.58%, contributing to Khazanah’s NAV TWRR of 24.6%, a substantial rise from 5.7% in 2023.

Value Creation and National Development Support

Khazanah reported RM5.1 billion profit from operations in 2024, supported by disciplined monetisation strategies, steady dividend income, and fair value gains from global public equities. Its balance sheet remains strong with an RAV over debt ratio of 3.2x.

Khazanah’s NAV rose to RM103.6 billion in 2024 from RM84.8 billion in 2023, marking an RM18.8 billion increase. Over the past 20 years, NAV has grown from RM33 billion in 2004 to RM104 billion in 2024, achieving a CAGR of 5.9%. However, weaker performance in Private Markets was observed due to higher interest rates and a challenging financing environment.

To strengthen financial resilience, Khazanah declared a RM1 billion dividend for 2024 to the Government of Malaysia, adding to RM19.1 billion in cumulative dividends since 2004.

Driving Key Growth Sectors for Malaysia

1. Transforming Firms through Dana Impak

Jelawang Capital launched as National Fund-of-Funds in October 2024
Emerging Fund Managers Programme and Regional Fund Managers Initiative to attract international venture capital partners
RM1 billion earmarked for Mid-Tier Companies (MTCs), including private credit and equity investments
RM1 billion allocated to boost Malaysia’s semiconductor industry, with investments in Cambrian Fund and Syntiant Corp.

2. Energy Transition Investments

Tenaga Nasional Berhad (TNB) investing in grid modernization and 100MW/400MWh battery projects
UEM Lestra Berhad allocated RM1.5 billion for decarbonisation of industrial parks and renewable energy projects
1GW hybrid solar project under National Energy Transition Roadmap (NETR) and 500MW solar farm in Baram
Renewable energy partnerships with Bridge Data Centres to supply corporate RE solutions

3. Connectivity and Infrastructure

Gateway Development Alliance (GDA) to privatise Malaysia Airports Holdings Berhad (MAHB), valuing MAHB at RM18.4 billion
RM600 million allocated for Kuala Lumpur Creative Cultural District (KLCCD) restoration projects, including Bangunan Sultan Abdul Samad and Carcosa Seri Negara
Malaysia Airlines network expansion to nine new destinations, achieving 77% on-time performance in December 2024

Socio-Economic Development and Nation Building

Khazanah continues to focus on capacity development and community investments:

K-Youth Programme trained 8,222 youths in 2024, with 76% from B40 communities
Khazanah Berbudi Bersama outreach programme impacted over 12,000 participants in 2024
Taman Tugu welcomed 1.3 million visitors, promoting environmental conservation
Yayasan Hasanah deployed RM86 million in 207 impact projects, totaling RM1.2 billion since 2006
Khazanah Research Institute published 15 policy papers in 2024, covering climate change and inequality

Moving Forward into 2025

Looking ahead, Khazanah remains committed to navigating global megatrends, including technological advancements, climate change, and geopolitical shifts.

Dato’ Amirul Feisal concluded, “Malaysia remains resilient, bolstered by political stability and a clear policy direction. The influx of foreign and domestic investments showcases confidence in our nation’s sustained growth potential. We look forward to collaborating with stakeholders—government, firms, NGOs, investors, and the rakyat—to continue advancing Malaysia.”