KUALA LUMPUR, March 11 (Xinhua) -- Malaysia's sovereign wealth fund Khazanah National said Monday it has seen a surge of more than three folds in its profit in 2023 driven by higher dividends and distributions from investee companies, fair value gains, and capital preservation.

Khazanah said in a statement that it recorded 5.9 billion ringgit (1.26 billion U.S. dollars) profit in 2023, a significant increase from 1.6 billion ringgit in 2022.

Khazanah paid a dividend of 1 billion ringgit for 2023 to the government of Malaysia.

In 2024, Khazanah expects the global macroeconomic and market environment to remain challenging and volatile, with ongoing geopolitical conflicts in the Middle East, the continuation of the Russia-Ukraine conflict, and the global trade war.

"In this environment, Khazanah remains vigilant in its investment activities to maintain portfolio resilience through strategic diversification," said the firm. (1 ringgit equals 0.21 U.S. dollar) Enditem

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