National trust fund grew 4.2% y-o-y to RM14.47b in 2022, says Auditor General's Report

Saturday 23 Nov 2024

AG's Report 2022

KUALA LUMPUR (Oct 10): Malaysia’s National Trust Fund (KWAN), which made up 68.7% of the federal government investment position, grew 4.2% year-on-year (y-o-y) to RM14.47 billion in 2022, from RM13.89 billion.

The increase of RM582.44 million was mainly thanks to a RM500 million contribution from national oil firm Petroliam Nasional Bhd (Petronas) for the year, according to the Auditor General’s report on the federal government's financial position in 2022.

The latest tally remains lower than its end-2020 peak of RM19.5 billion, which at the time comprised RM10.4 billion worth of contribution from Petronas and RM9.1 billion from investment returns. Some money from the fund was used for Covid-19 vaccine procurement at that time.

In total, the federal government’s investment position dropped 19% y-o-y to RM35.15 billion from RM43.39 billion, led by a RM12.8 billion decline in other trust funds to RM9.68 billion, from RM22.48 billion, mainly on the 1Malaysia Development Bhd (1MDB) bond payment by 1MDB’s Assets Recovery Trust.

This was partly offset by a 56.7% increase in the consolidated fund surplus to RM11 billion, from RM7.02 billion.

On dividends, the federal government received a total of RM55.82 billion in 2022, up 73.3% from RM32.21 billion, mainly on the doubling of Petronas dividends to RM50 billion, from RM25 billion.

Excluding the Petronas dividends, the dividends the federal government received from 15 other companies and two statutory bodies fell 19% to RM5.82 billion, from RM7.21 billion, owing to a lower contribution of RM500 million from Khazanah Nasional Bhd, from RM3 billion.

This was offset by higher contributions from Prokhas Sdn Bhd at RM55.65 million versus RM11.5 million previously, followed by UDA Holdings Bhd at RM38.8 million against nil in 2021, and Bank Pertanian Malaysia Bhd at RM15 million from RM0.99 million.

Edited ByKathy Fong

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