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 |
| Term loans | - | 3,396 | 6,150 | 5,985 | 5,802 |
| 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 |
1The income statements and balance sheets are derived from Khazanah’s Extended Company Financial Statements, which refers to the consolidation of the financial statements of Khazanah (Company) and its Special Purpose Vehicles (SPVs). These SPVs are whollyowned subsidiaries of Khazanah, which have been set up to actively hold investments or as funding vehicles of the Company.
2Revenue includes realised divestment gains from investments classified as fair value through other comprehensive income that was recycled to retained earnings upon divestment.
3Profit from operations consist of profit before tax, realised divestment gains and permanent reduction value of assets classified as fair value through other comprehensive income that was recycled to retained earnings.
