KUALA LUMPUR: Khazanah Nasional Bhd’s profit before tax for the financial year ended Dec 31, 2011 surged 156% to RM5.33bil from RM2.08bil in the previous year due to divestments in its stable of companies.
Khazanah MD Tan Sri Azman Mokhtar said that it had paid out dividends totalling RM3bil last year to the Government.
“This is our best performance to date (in terms of profit growth) since our inception eight years ago,” Azman told a press conference here yesterday.
Khazanah’s overall realisable asset value (RAV) however decreased in 2011 by RM4.5bil to RM108.1bil and net worth adjusted (NWA) declined 6.9% or RM5.2bil to RM70bil.
Both RAV and NWA ratios are used to measure Khazanah’s portfolio holdings size in the companies and investments that it holds.
Azman said that the drag in portfolio performance in 2011 was due to three portfolio companies which were affected by regulatory and industry issues, namely CIMB Bank Bhd, due to the regulatory uncertainty there; Tenaga Nasional Bhd, due to gas supply issues; and the aviation companies that it owned.
Khazanah made 13 investments totalling RM5.8bil and eight divestments that brought in RM7.7bil which generated net gains of RM2bil.
Between 2004 and 2011, Khazanah had made 89 investments worth RM45.5bil and 45 divestments valued at RM31.7bil, recording net gains on divestments of RM13.6bil.
“Khazanah has been net sellers of our portfolio in the past few years.
“We have been selling into strength. In the meantime, we are also buying into new growth engines,” Azman said.
Azman also said that the sale of Proton Holdings Bhd at RM5.50 to DRB-Hicom was “profitable” and that it had recorded a “modest amount of gain” from the stake sale of Proton.
“We feel that the divestment price is fair and in all fairness to Proton’s management, I think the team in Proton has been performing quite well financially but perhaps not up to the market’s standards.
“For Proton, we have closed a chapter and we move on from here. I wish the team all the best in working with the new management at DRB-Hicom,” Azman said.
Meanwhile, Khazanah’s listing of its 70% owned Integrated Healthcare Holdings is on track and would be completed by this year.
According to Khazanah’s fact sheet distributed at the briefing yesterday, Integrated Healthcare is Khazanah’s holding company of Parkway, Pantai Holdings, IMU Education and Apollo Hospital.