KUALA LUMPUR (March 9): On the back of improved financial performance in 2023, a sizeable pool of Bursa Malaysia’s largest companies and those that are known to be generous dividend payers delivered bumper dividends to shareholders — including government-linked investment companies (GLICs).

A majority gave higher dividends in FY2023 versus FY2022 and pre-pandemic levels, and a handful paid dividends for the first time in years.

It would see, though, that the dividend harvest is still aplenty in FY2024, though it may not be as bountiful as FY2023.

For one, indicative yields for a quarter of dividend-paying companies under analysts’ coverage are expected to be above 5% in FY2024.

More of the largest Bursa-listed companies are still expected to pay a higher dividend per share in FY2024, compared with in FY2023, according to consensus forecasts — and this is despite a declining trend in special dividend payouts, data compiled by The Edge shows.

Looking at companies with the biggest forward yields, several sectors stand out. The data also identified a handful of companies with steady dividend growth over the years.

However, while more companies are projected to pay better dividends for FY2024, GLICs may collect less from their top investee companies this year, on lower dividend forecasts and as a number of these dividend-paying companies have paid special dividends in recent years.

To find out more about the payout trends of top dividend paying companies for FY2024, grab a copy of The Edge Malaysia weekly today.

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) chief executive officer Ng Wei Wei has had two busy but eventful years at the bank.

She had to hit the ground running when she took over the helm in May 2022 as the bank was in the thick of its acquisition of Citi’s consumer business in Malaysia.

“My first assignment as CEO was to make sure I get Bank Negara Malaysia’s approval to complete the acquisition. After that, comes the integration. It was a very steep learning curve,” she said in an interview with The Edge recently.

“I would say that I took over the helm at UOB at a very pivotal time where there were a lot of progressive and significant changes happening.”

While managing the acquisition, Ng had to also oversee the bank’s move of its over 3,000 staff to its new headquarters in the city centre — a platinum certified green building by GreenRE — which she says is one of ways UOB Malaysia is showing that they are “walking the talk” when it comes to sustainability.

The bank was also in its 71st year in Malaysia — a big milestone for any institution — which warranted a celebration. It was also around the same time where UOB Malaysia was undergoing a brand refresh.

It was no small feat, Ng said, given how all of these came alongside the day-to-day running of the bank.

That said, the flurry of activities at UOB Malaysia over the last two years has not distracted the bank from achieving growth. In fact, Ng said the bank has hit a record in terms of income and profitability in FY2023. The fourth quarter earnings will be revealed sometime in May.

Read the rest of the story in this week's issue of The Edge Malaysia weekly.

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