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ENRICHING tHE FUtURE ENRICHING NAtIoNAL PRoGRESS ENRICHING StAKEHoLDER VALUE ENRICHING SUStAINABLE IMPACt

FINANCIAL CAPItAL (CONtINuED)

Operating Expenses (OPEX)
Our OPEX increased by 8.3% to RM0.36 billion (FY2022: RM0.34 billion) with 82.3% utilisation of our approved budget
of RM0.44 billion for the financial year. This increase was primarily attributed to the higher Staff Costs and Professional
Services and Fees aligning with our ongoing commitment to enhance our intellectual, manufactured and human capitals.
Operating Expenses (RM million)

143.65 153.18
160
140 108.82
120
100 88.53
80
60 35.07 35.28 28.98
40 26.79 20.13 26.16 15.07
20 7.14 4.72 6.66
0
Staff Costs Professional tax Other Depreciation Rental Property-Related
Service and Expenses Expenses and Expenditure
Fees Amortisation
FY2022 FY2023

Staff Costs was due to the higher data subscription, performance
fees for external equity fund managers and pensioners
KWAP’s Staff Costs amounted to RM153.18 million, 6.6% engagement related expenses i.e. Karnival MyPesara and
higher than RM143.65 million posted in FY2022. The Jelajah MyPesara.
higher Staff Costs reflected the higher headcount of 723
employees against 684 employees in FY2022. Fund Management Efficiency
In 2023, KWAP continued its participation in the Malaysian In terms of our fund management efficiency, KWAP’s
Short-Term Employment Programme (MySTEP), a OPEX over its Average Fund Size ratio stood at 22 basis
programme aimed to provide employability to Malaysian points, slightly higher than FY2022 of 21 basis point.
Graduates. RM7.98 million was incurred under the Staff OPEX/Average Fund Size Ratio
Costs for this programme during the year.

On staff-related expenditures, RM10.30 million (FY2022: 0.21 0.18 0.21 0.21 0.22
RM9.00 million) was incurred on staff medical and dental
expenses, whilst RM3.30 million (FY2022: RM3.20 million)
was incurred on training and development.
Professional Services and Fees

The Professional Services and Fees amounted to 2019 2020 2021 2022 2023
RM108.82 million, a rise of 22.9% from RM88.53 million
in FY2022. The higher Professional Services and Fees

46 KUMPULAN WANG PERSARAAN (DIPERBADANKAN) i INtEGRAtED REPoRt 2023