Four MOF Inc public infrastructure firms record losses in 2023

Four companies under the Minister of Finance Incorporated (MOF Inc), which provided services and infrastructure for public transportation, were among those that recorded losses in 2023.

The companies are Prasarana Sdn Bhd, Mass Rapid Transit Corporation Sdn Bhd, KTM Berhad and Jambatan Kedua Sdn Bhd.

"Most of the companies (that recorded losses) were involved in public infrastructure projects like rail transportation services and bridge infrastructures.

"The companies had sustained losses as they were supporting efforts to provide low-fare services for the rakyat's well-being," it explained.

The Finance Ministry revealed this in a written parliamentary reply to Kepong MP Lim Lip Eng’s question yesterday.

Lim had requested the ministry to list the top 20 companies under MOF Inc that recorded the highest amount of losses, and what the government is doing to address the matter.

Performance KPI to be set

The ministry also clarified that companies under MOF Inc were not profit-oriented but instead had been set up to execute their respective mandates by the government.

Nevertheless, it said MOF Inc is taking steps to monitor the companies' performance, including having them present their annual business plans and setting their key performance indicators (KPI).

"MOF Inc had also taken the initiative of organising Corporate Improvement Programme meetings for companies that fail to meet at least 80 percent of their KPI.

"This is to identify their problems and discuss how to improve the companies' structure."

The ministry also listed companies under MOF Inc that recorded profit, which include Bank Pembangunan Malaysia Berhad, Pengurusan Aset Air Berhad, Bank Pertanian, IJN Holdings and Sirim Berhad, among others.

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