PNB projects 5-7% corporate earnings growth this year

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) expects the Malaysian corporate sector to perform well this year with an improved estimated 5%-7% growth in earnings, which will enable PNB to reward its unit holders with sustainable and competitive returns.

PNB chairman Tan Sri Abdul Wahid Omar said out of its RM260 billion funds under management, two thirds are invested in public equities or stocks on Bursa Malaysia.

“The boost in corporates’ share price, coupled with the many initiatives by companies, has resulted in significant increase in the FBM KLCI, which is now near 1,750 points,” he said at the Majlis Jalinan Rakan Korporat event here yesterday for Minggu Saham Amanah Malaysia 2017 (MSAM 2017).

Meanwhile, PNB expects its funds under management to grow by over 5% annually from now until 2022.

PNB’s funds have seen a compound annual growth rate of 13% since its establishment.

“Given that we’ve a limit on the participation of funds, we are aiming for 5% growth annually from now until 2022,” noted Wahid.

Earlier, the event introduced 12 PNB companies that will be its corporate friends for the MSAM 2017, which will be held from April 20 to 25 in Temerloh, Pahang. MSAM will provide many activities in investment education and exhibitions from PNB companies, ASNB agents and other state government agents.