PARLIAMENT | Deputy Prime Minister Fadillah Yusof has justified the "bonus" Pelaburan Hartanah Berhad (PHB) paid out despite the government-linked company (GLC) not hitting its key performance indicator (KPI) for 2023.

Speaking in the Dewan Rakyat yesterday, Fadillah said the payout last year - a "special payment" or "incentive" as the deputy premier dubbed it - was due to increased revenue.

"PHB had recorded an increase in gross profit from operations for the financial year 2023.

"We can see that PHB implemented corporate transformation as a basis for long-term growth, that is why an incentive was paid, not because it was a bonus but because of the achievements they made," he explained.

Fadillah had mentioned some numbers "RM220.8 million for 2022, that is RM213.7 million, and RM317 million combined" when talking about the profits, however, it was not clear what he was referring to specifically.

DPM Fadillah Yusof

Malaysiakini was later made to understand that PHB's profits from operations in 2022 were RM276.97 million, and RM317.2 million in 2023.

According to records from the Companies Commission, PHB's revenue grew from RM370 million in the financial year 2022 to RM396 million in 2023.

However, despite the increased revenue and profit from operations, ultimately profit before tax dropped from RM33.89 million to RM31.74 million.

Almost 3-month ‘special payment’

Previously, it was reported that PHB only achieved 42 percent of its KPI for 2023.

However, the board was convinced to pay out a "special payment" of 2.75 months.

For the chief executive officer, the payout consisted of a 2.75-month "special payment", with an additional 0.25 months, totalling RM210,000.

On an additional question from Mas Ermieyati Samsudin (PN-Masjid Tanah) about an RM50,000 "sponsorship" for an alumni dinner for the CEO's former school, Fadillah said this was a marketing exercise.

He said through the dinner, PHB managed to sell 500,000 units of its Amanah Hartanah Bumiputera unit trusts.

GLC bonuses, trips now need ministerial approval: DPM

GLC bonuses, trips now need ministerial approval: DPM

COMMENT | Company directors should be held responsible

COMMENT | Company directors should be held responsible

Let select committee probe RM210k bonus payout to CEO – PAC chief

Let select committee probe RM210k bonus payout to CEO – PAC chief

Source: MACC to investigate GLC exec's RM210k bonus

Source: MACC to investigate GLC exec's RM210k bonus

Fahmi: GLC exec's RM210k bonus to be brought to Anwar's attention

Fahmi: GLC exec's RM210k bonus to be brought to Anwar's attention