A-G’s report: Penang recorded accumulated reserves of RM1.82b as of end-2020

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GEORGE TOWN, May 30 — Penang has a strong financial position, registering accumulated consolidated fund reserves of RM1.821 billion at end-2020 compared with RM2.1 billion at...

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GEORGE TOWN, May 30 — Penang has a strong financial position, registering accumulated consolidated fund reserves of RM1.821 billion at end-2020 compared with RM2.1 billion at end-2019.

"Revenue collection decreased 29.4 per cent to RM467.28 million from RM661.52 million in 2019. The state government ended the financial year 2020 with a deficit of RM267.06 million against a surplus of RM80.21 million in 2019," according to the report released here today. However, the report commended that the company’s performance in building construction, civil engineering, and building and infrastructure maintenance activities was good as it earned a revenue of RM72.87 million from 2018 to 2020, contributing 98 per cent to its total revenue.

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