Top 20 Bursa earners also most charitable

PETALING JAYA: The top 20 Bursa Malaysia- listed highest-earning companies are the most charitable, donating some RM159.69mil in cash in 2021, according to a Wiki Impact report.

The average percentage of cash-giving to net profit across all 20 companies was 0.29%, the report titled “Bursa Top 20: Who’s The Most Charitable?” stated based on publicly available data.

Sime Darby Bhd was the biggest cash giver last year with RM20mil or 1.4% of its RM1.42bil net profit going to charity and other social and environmental initiatives.

Tenaga Nasional Bhd (TNB) earned RM3.66bil in net profit and gave over RM39.57mil in cash donations, exceeding the 1% cash donation to net profit threshold.

Besides cash, companies also made in-kind donations through the various corporate social responsibility (CSR) programmes, food, products and services to support their staff, societies and communities affected by the Covid-19 pandemic, Wiki Impact, an online platform, noted.

It found TNB was the top in-kind corporate giver, providing RM117.97mil worth of in-kind help, which accounted for 3.22% of the company’s net income.

Next was Telekom Malaysia Bhd, which gave RM23.55mil in-kind giving, representing 2.63% of its net profit of RM895mil in 2021, the Wiki Impact report stated.

CSR can also be measured through volunteer employee participation where corporate professionals contribute their time and expertise to non-governmental organisations (NGOs) and grassroots initiatives.

Seven of the 20 companies quantified and recorded their employee volunteer hours, with CIMB Group Holdings Bhd providing the highest number of volunteer hours at 67,278.

The report noted Covid-19 assistance, relief and financial aid were the biggest causes that corporates gave to in 2021.

Funds were channelled to on-ground NGO partners such as Mercy Malaysia and the Malaysian Red Crescent Society, as well as other grassroots organisations to mobilise food aid and medical supplies and facilitate the National Covid-19 Immunisation Programme at the height of the pandemic.

Besides providing Covid-19 relief, companies also supported organisations that advocate for better education and healthcare for the vulnerable and marginalised, as well as run environmental initiatives.

These included Mercy Malaysia, Yayasan Food Bank, Rise Against Hunger, Teach For Malaysia, Food Aid Foundation, Kechara Soup Kitchen or KSK, Kembara Kitchen, Mutiara Food Bank, Me.reka Studios, Wild Asia, Dignity for Children Foundation, CERDIK, Hospital Kuala Lumpur, Hospital Selayang and Hospital Ampang.

“By communicating their giving, we hope to challenge and inspire other companies to give generously and that it will encourage transparency and clarity in reporting,” said Terence Ooi, co-founder of Wiki Impact.

“Companies can shape lasting legacies through meaningful giving. The biggest earners also have the privilege and responsibility to be the biggest givers. By building a culture of giving, transformation happens from the boardroom and office cubicles to communities and vulnerable groups,” added Deborah Chan, co-founder of Wiki Impact.

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Business News

US and UK should be welcoming talent, not driving it away
Short Position: Ringgit rebound, PETRONAS earnings
KWAP seeks stronger income growth
What’s in fashion
Brexiteers, no one wants your regulatory bonfire
EcoWorld redefines concept behind industrial parks
S’pore chips away at HK’s hedge fund dominance
Ringgit seen strengthening further
Hibiscus gets debt boost
Navigating a ‘perfect positive storm’

Others Also Read