Big task ahead for Khazanah

In 2020, Khazanah’s profit from operations slumped by 61% to RM2.9bil as it made bigger impairments worth RM6bil. Of the impairments, RM3.1bil was for Malaysia Aviation Group . Meanwhile, in 2021, Khazanah’s operating profit dropped by a further 77% to RM670mil due to continuing financial assistance to Khazanah’s airlines and tourism companies that are still weathering headwinds from the Covid-19 pandemic.

Meanwhile, in 2021, Khazanah’s operating profit dropped by a further 77% to RM670mil due to continuing financial assistance to Khazanah’s airlines and tourism companies that are still weathering headwinds from the Covid-19 pandemic. Managing director Datuk Amirul Feisal Wan Zahir says the SWF is focused on improving Malaysia Airlines’ operations to ensure yields are maintained and that the airline remains profitable.

With the disposal of the airline out of the picture for the near term, the resources needed to bring Malaysia Airlines back to its glory days will have to come from Khazanah as the sole owner. “The returns in the Malaysian market haven’t been very interesting in recent years, and if a large portion of Khazanah’s portfolio is in Malaysia, the potential returns would not be very exciting.

The Commercial Fund’s three-year rolling returns from Malaysian public markets was only 4.1%, compared with 17.8% from global public markets.In contrast, Khazanah’s Strategic Fund delivered a three-year rolling TWRR of minus 21.4%.

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