KUALA LUMPUR: Government-linked companies (GLCs), particularly those placed under G-20, have managed to strengthen their financial positions and enhanced operational efficiencies after the introduction of the GLC Transformation Programme in May 2004.
This had brought significant benefits to the shareholders, customers, suppliers, employees and community, Deputy Finance Minister Datuk Dr Awang Adek Hussein told the Dewan Rakyat yesterday.
To date, 31 GLCs including 19 biggest GLCs under G-20 were supervised by the Putrajaya Committee on GLC High Performance.
“The G-20 aggregate income had increased from RM9.6 billion in 2004 to RM19.3 billion in 2007. However, it fell to RM11.7 billion last year due to economic slowdown following the financial crisis.
“Nonetheless, the G-20 market capitalisation had risen from RM159 billion in May 2004 to RM273 billion in December 2009,” he said in reply to Salahuddin Ayub (Pas-Kubang Kerian) during question time.
Awang said several GLCs had been able to provide more innovative products and quality and efficient services to their customers.
“For example, the services of Malaysian Airline System Bhd are now better and have received recognition through the ‘5-Star Airline Award 2009/2020’ by Skytrax and ‘Asia’s Leading Airline 2009’ by World Travel Award,” he said.
The GLC employees also had received direct benefits from training and human capital development programmes while 500,000 jobless graduates had been trained and assigned to work at various local companies including GLCs, he said.
Members of the public also continued to receive direct benefits through several corporate responsibility initiatives at the national level, he said.
“The Pintar programme has so far seen the participation of 27 GLCs, benefiting 103,500 pupils from 207 schools nationwide, and also the Yayasan Sejahtera poverty eradication programme which targets 1,000 families,” Awang said.
All companies under G-20 recorded profits either in the 2009 or 2010 financial year, including Malayan Banking Bhd which earned RM3.8 billion and CIMB Group with RM2.8 billion.
Only one company, namely Chemical Company of Malaysia, which posted a loss of RM5.8 million at the end of last year, he said. — Bernama