PNB's net income falls 3% to RM15.28 billion in 2016 on weak equity market

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) saw its net income drop 3% from RM15.75 billion in 2015 to RM15.28 billion in 2016, dragged down by the weak equity market performance.
Its asset under management, however, grew 4.7% from RM254.6 billion in 2015 to RM266.5 billion in 2016.
PNB also announced a total dividend payout of RM13.9 billion last year, translating into a total average weighted dividends including bonus for PNB's fixed-price funds of 6.87 sen.
Speaking at a media briefing on PNB Annual Review 2016 here today, group chairman Tan Sri Abdul Wahid Omar said he is cautiously optimistic on the economic and financial markets performance in 2017.
He opined that Malaysia’s favourable economic outlook, along with a recovery in exports and oil prices as well as sustained domestic demand, could spur sentiments for the local stock market this year.
Meanwhile, Wahid believes the demerger of PNB's strategic companies Sime Darby Bhd and UMW Holdings Bhd could excite the market and support growth of corporate Malaysia.
"The focus is always on the fundamentals where we want to grow their profits and earnings so that it reflects on the dividend payouts," he said.