Managing director Amirul Feisal Wan Zahir said the strong performance was driven by disciplined monetisation strategies, steady dividend income, and fair value gains from global public equities.
“2024 was a good year for us. Our investments (net asset value (NAV)) have grown by RM18.8 billion in 2024 to RM103.6 billion compared to RM84.8 billion in 2023.
“Our total portfolio size, as measured by the RAV, increased by RM16.3 billion to RM151.3 billion in 2024 compared to RM135 billion in 2023,” he said during the Khazanah Annual Review 2025 media briefing today.
The sovereign wealth fund has declared a dividend of RM1 billion for 2024 to the government, contributing to a cumulative total of RM19.1 billion in dividends paid since 2004.
Meanwhile, Amirul noted that Malaysia’s economy demonstrated strong resilience in 2024, with gross domestic product (GDP) growth expected to accelerate to between 4.8% and 5.3%.
At the same time, the ringgit strengthened by 2.7% against the US dollar, and the FTSE Bursa Malaysia KLCI (FBM KLCI) achieved an impressive 12.58% gain.
He said Malaysia’s robust economic environment, along with Khazanah’s disciplined investment approach, contributed to the strong performance for the year, with NAV time-weighted rate of return reaching 24.6%, a significant increase from 5.7% in 2023.
From an overall Khazanah portfolio perspective, he said, overall NAV growth increased from RM33 billion in 2004 to RM104 billion in 2024, achieving a compounded annual growth rate (CAGR) of 5.9%.
“This growth aligns with Khazanah’s mandate to generate sustainable returns for the nation while enhancing Malaysia’s long-term wealth,” he said.
Amirul said while these results reflect a strong overall performance, a relatively weaker performance was observed in the private market due to the lagged effects of higher interest rates, challenging financing and exit environment.
Moving forward, he said, Khazanah will continue to execute its value creation efforts and portfolio rebalancing strategy to strengthen the balance sheet and build a resilient financial position.