KUALA LUMPUR, July 15 — Malaysian Global Innovation & Creativity Centre Bhd is financially stable with the company recording a pre-tax surplus for three years in a row, according to the Auditor General’s Report 2018 Series 1 on the management of federal government companies.
“The liquidity of current assets compared to its current liabilities is at a ratio of 2.34:1, indicating the company’s ability to pay short-term obligations through internally generated funds,” it said.On the performance of MaGIC programmes between 2015 and 2017, it said the entrepreneurship programme was effectively and efficiently managed in terms of output and outcome, in line with the company’s key performance indicator of over 90 per cent for the three years.
It also pointed out that overall, grant performance was not efficient as grants were not spent optimally for 2015 and 2017, at only 73.1 per cent and 76 per cent of total grants received respectively.
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