PKNS expects to record profit of up to RM300mil this year

SHAH ALAM: The Selangor State Development Corporation (PKNS) expects to be able to record profits of up to RM300 million this year.

Selangor Menteri Besar Datuk Seri Amirudin Shari said the positive projection would be premised on the restructuring of investment and corporate elements as well as the contribution from good developments registered by the construction sector.

“If in the previous year (2020), PKNS made losses of close to RM500 million, in 2021, we recorded a profit of RM30 million to RM40 million. This year, it is expected that profit will be in the hundreds of millions…over RM200 million to RM300 million.

“This showed that our short- and long-term plans have been progressing well, and this year, we project that PKNS can achieve better (financial) results," he said when met by reporters during the PKNS open house held at the Shah Alam Convention Centre here, today.

Amirudin who is also PKNS chairman said the COVID-19 pandemic that hit the country two years ago had caused part of PKNS's account position to record a negative value in 2020 due to impairment.

“We address the issue of impairment on investments made by restructuring the said investments, even though it was only a simple process.

“Due to the restructuring process in 2021, we immediately record profits. This shows that the strength of PKNS’ business is still there," he said.

Amirudin said for the past 50 years, PKNS had undergone many changes but still needs to carry out restructuring to enable the state corporation to expand in line with current developments.

“PKNS needs to step out of its comfort zone so that it will not only be known in the housing and construction sectors but can also offer what is needed in the market," he added. – Bernama