Thursday 28 Mar 2024
By
main news image

KUALA LUMPUR (Nov 10): Petroliam Nasional Bhd (Petronas) is the biggest revenue contributor to the Malaysian government's coffer from among 63 state-owned and controlled companies in 2012, according to the third series of the Auditor General's Report (AG Report) 2013.

According to the AG Report, which was tabled in the Parliament today, Petronas contributed RM290.98 billion comprising dividend and tax to the federal government in 2012.

This was followed by Khazanah Nasional Bhd at RM24.29 billion and Bank Pembangunan Malaysia Bhd, which contributed RM1.37 billion.

The report showed that the government invested a total of RM33.2 billion in 63 companies, in which it held more than 50% of the issued paid-up capital as of April 2014. The list includes 1Malaysia Development Bhd (1MDB)

According to the report, analysis on the 2012 audited financial statements of 62 of the 63 companies found their financial performance were generally satisfactory.

The Finance Ministry has classified these companies into five main sectors -- strategic, commercial, social, miscellaneous, and special purpose vehicle (SPV).

There are 13 companies in the strategic sector including 1MDB, Khazanah and Petronas. The sector contributed 97.1% of total revenue from government companies.

"The return from this investment in the form of dividend and tax amounted to RM27.781 billion and RM41.684 billion respectively for the financial year 2012," the report said.

To ensure that the government investment corp division (GIC), which has been tasked as the government's main investment body, achieves its objectives and operates more efficiently, the AG has recommended that the GIC monitor closely the financial position of each government company.

This is to ensure that any increase or decrease in the financials would give early indication to policy makers. The early indicators would enable investment and opertational decisions to be evaluated from time to time, it said.

 

      Print
      Text Size
      Share