Friday 29 Mar 2024
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KUALA LUMPUR (March 9): The total net profit of the top 20 government-linked companies (G20), excluding Malaysian Airlines Bhd (MAB), declined 16% to RM23.6 billion in financial year 2015 (FY15), Prime Minister Datuk Seri Najib Razak said in Parliament today.

Najib, who is also the finance minister, said this in a written reply to PKR deputy president Datuk Seri Azmin Ali, who asked about the financial and operational impact of the current economic conditions on government-linked companies (GLCs).
 
Najib said the uncertain global economic environment did have an impact on the earnings of the GLCs arising from the slower economic activity in certain sectors, such as oil and gas, and commodity.

"For FY 2015, the net profit of G20, excluding MAB, dropped 16% year-on-year, from RM28.1 billion in FY14 to RM23.6 billion.

"However, amid the uncertain global economic environment in FY15, the net profit growth of G20 (excluding MAB) remained on a positive trajectory, with a compounded annual growth rate (CAGR) of 8.7% since the commencement of the GLC Transformation Programme (GLCT) in 2004," Najib added in the brief reply.

The prime minister said under the GLCT, GLCs were required to focus on performance that seeks to create economic value and added value to stakeholders, especially the shareholders.

The G20 includes Affin Holdings Bhd, Axiata Group Bhd, BIMB Holdings Bhd, Boustead Holdings Bhd, Chemical Company of Malaysia Bhd, CIMB Group Bhd, Malayan Banking Bhd, Malaysia Airport Holdings Bhd, Malaysian Building Society Bhd, Malaysian Resources Corp Bhd, Sime Darby Bhd, Telekom Malaysia Bhd, Tenaga Nasional Bhd, TH Plantations Bhd, UEM Group Bhd and UMW Holdings Bhd.

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