Key Financial Highlights and Performance
In 2025, Khazanah delivered resilient financial and strategic performance amid heightened global volatility, underpinned by disciplined portfolio management and continued execution of our Advancing Malaysia strategy.
Net assets of our Overall Portfolio increased to RM105 billion from RM104 billion in 2024, while total assets rose by RM5 billion to RM156 billion. Since 2004, our net assets have grown from RM33 billion to RM105 billion, representing annual growth of 6.2%, including dividends and net of cash flows.
Our Investments Portfolio, the mainstay of our financial returns, grew from RM93 billion in 2024 to RM95 billion in 2025. It delivered a return of 5.2% for the year, while the seven-year rolling annualised return since 2019 stood at 6.1%, reflecting the portfolio’s ability to generate returns across market cycles and in line with our mandate and risk appetite.
Additionally, Khazanah recorded a profit from operations of RM5.6 billion, compared with RM5.1 billion in 2024.
We declared a dividend of RM2 billion to the Government of Malaysia, bringing cumulative dividends paid since 2004 to RM21.1 billion. Cumulative shareholder returns since 2004 stood at RM93.1 billion.
Total Assets
Net assets of our Overall Portfolio increased to
7-year rolling return
2025 Returns from Net Asset Value (NAV) of the Investments Portfolio
RAV Cover stood at
Khazanah recorded a profit of
Paid
Key Financial Indicators
Income Statement (RM million)
For the year ended 31 December 2025
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 6,620 | 6,978 | 7,812 | 8,017 | 5,353 |
| Profit from operations | 5,640 | 5,090 | 5,890 | 1,630 | 670 |
| Taxation | (567) | (335) | 61 | (156) | (226) |
| Net profit for the year | 5,073 | 4,755 | 5,951 | 1,474 | 444 |
| Dividends declared: | |||||
| - Normal dividend | (1,000) | (1,000) | (1,000) | (500) | (2,000) |
| - Special dividend | (1,000) | - | - | - | - |
| Net profit for the year after dividend | 3,073 | 3,755 | 4,951 | 974 | (1,556) |
Balance Sheet (RM million)
As at 31 December
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Total assets | 98,229 | 94,317 | 93,924 | 86,819 | 84,822 |
| Total liabilities [Note A] | 51,751 | 48,629 | 51,187 | 50,101 | 49,504 |
| Net assets | 46,478 | 45,688 | 42,737 | 36,718 | 35,318 |
| Share capital | 12,816 | 12,816 | 12,284 | 12,284 | 12,284 |
| Retained profits | 27,714 | 24,640 | 21,044 | 16,093 | 15,119 |
| Other reserves | 5,948 | 8,232 | 9,409 | 8,341 | 7,915 |
| Shareholders' funds | 46,478 | 45,688 | 42,737 | 36,718 | 35,318 |
Note A: Included in total liabilities are borrowings as follows:
Borrowings (RM million)
As at 31 December
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Khazanah's Government-guaranteed bonds | 1,680 | 1,616 | 4,009 | 5,767 | 7,943 |
| Other bonds and notes | 39,632 | 39,260 | 35,271 | 30,188 | 29,826 |
| Exchangeable Bonds | 2,034 | - | - | 1,015 | 3,283 |
| Revolving credit facilities | 7,356 | 3,429 | 4,808 | 6,189 | 1,624 |
| 50,702 | 47,701 | 50,238 | 49,144 | 48,478 |
