Page 26 - KWAP_AR2022

24 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) FoR BEttER PEoPLE

PERFORMANCE
HIGHLIGHTS

Staff Costs NET INCOME

KWAP’s Staff Costs amounted to RM143.65 million, 7.5% KWAP’s Net Income of RM0.26 billion, was mainly due to
higher than RM133.58 million posted in FY2021. The the net Unrealised Loss On Financial Assets Designated as
higher Staff Costs reflected the higher headcount of 684 FVTPL of RM5.55 billion as compared to the net unrealised
employees against 617 in 2021. gain of RM4.01 billion in FY2021.
In 2022, KWAP continued its participation in the For the record, KWAP classifies equity instruments which
Malaysian Short-Term Employment Programme (MySTEP), are held for trading as Fair Value through Profit or Loss
a programme aimed to provide employability to Malaysian (FVTPL). In 2022, MSCI World Index (MxWD Index) saw
Graduates. RM2.60 million was incurred under the Staff a total return of -15.04% within the year, with the S&P
Costs for this programme during the year. 500 and MSCI Asia Pacific posting returns of -19.44%
and -14.57%, respectively. Meanwhile in Malaysia, the
Professional Services and Fees FBMKLCI which opened the year at 1,567 points recorded
a return of -4.59% to close the year at 1,495.
The Professional Services and Fees amounted to
RM88.53 million, a rise of 11.4% from RM79.46 million in These negative total returns across markets translated to
FY2021. The increase was mostly attributable to various a net unrealised losses from both international equity and
new initiatives undertaken during the year. domestic equity trading portfolios of RM4.19 billion and
RM1.74 billion respectively.
On staff-related expenditures, RM9.02 million (FY2021: The said losses were partially offset by the unrealised gain
RM4.75 million) was incurred on staff medical expenses, from the private equity portfolio of RM0.39 billion.
while RM3.19 million (FY2021: RM1.28 million) was
incurred on training and development. FUND SIZE
Tax Expenses The fund size as at 31 December 2022 stood at RM158.10
billion, from RM159.03 billion as at 31 December 2021.
KWAP’s Tax Expenses comprises of Withholding Tax
and Indirect Taxes. The lower Tax Expenses was mainly The fund size comprises of the Federal Government
attributable to the lower withholding tax of RM35.07 Contribution of RM28 billion, the Statutory and Local
million as compared to RM63.66 million in FY2021. Authorities Contribution of RM61.88 billion, and
Accumulated Reserves of RM85.72 billion.
In FY2021, there was a Substantial Withholding Tax
of RM35.70 million paid on the capital gain distributed The Accumulated Contributions and Reserves were
partially offset by the Accumulated Withdrawal by the
pursuant to the sale of the 1 Griffin Crescent Street Federal Government of RM17.50 billion, inclusive of the
property, a logistic property in Brisbane, Australia. No current year withdrawal of RM3 billion.
similar transaction had occurred in FY2022.
CASH AND CASH EqUIVALENTS
Fund Management’s Efficiency
The Cash and Cash Equivalents amounted to RM12.26
In terms of the fund management’s efficiency, KWAP’s billion, as compared to RM9.15 billion as at 31 December
OPEx over average fund size ratio stood at 21 basis 2021. From the RM12.26 billion, RM9.46 billion was deposit
point, similar to FY2021. and placements with licensed Financial Institutions.
OPEX/Average Fund Size Deposit and Placements with Financial Institutions

1%
0.21 0.21 0.18 0.21 0.21 99%

RM9.46 •
billion Maturity less than 3 months
• Maturity between
3 months - 1 year
2018 2019 2020 2021 2022