19/06/2026

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FRIDAY | JUNE 19, 2026

PNB delivers strong returns amid global volatility

KUALA LUMPUR: Permodalan Nasional Bhd (PNB) continues to show resilience in navigating global economic uncertainty, delivering competitive returns to unitholders, and making significant strides in advancing its sustainability commitments, while reinforcing its role in strengthening Corporate Malaysia. In its published report, Integrated Report 2025 (IR 2025), PNB highlighted the organisation’s performance and progress over the past year. Despite a year marked by trade tensions, cautious monetary easing, and geopolitical volatility, the report showed PNB recorded strong investment outcomes. Assets under management (AUM) rose to RM366.5 billion, bringing the organisation closer to its LEAP-6 target of RM400 billion by 2027. The flagship Amanah Saham Bumiputera (ASB) Fund declared a dividend of 5.75 sen per unit, resulting in a record payout of RM15.3 billion to 11.4 million unitholders nationwide. This performance was underpinned by a disciplined diversification strategy across equities, fixed income, private credit, and global markets, which cushioned volatility and ensured sustainable returns. Group chairman Raja Tan Sri Dato’ Seri Arshad Raja Tun Uda said PNB’s mandate goes beyond returns and is about building resilience, uplifting lives, and ensuring that Malaysians across generations benefit from sustainable prosperity. Speaking on PNB’s performance, acting

announced on May 12, 2026, changes to its board of directors. Senior independent non-executive director Datuk Dr Norma Mansor retired upon reaching the nine-year tenure limit for independent directors and was succeeded by fellow board member Lee Ah Too. The board also appointed Liew Way Keng as a new independent non-executive director, further strengthening its diversity and expertise. Notably, female representation on the board remains at 44%, exceeding the recommended 30% benchmark. Touching on the operation environment, joint managing director Ng Yong Lin said while the environment ahead may be uncertain, Top Glove continue to focus on core priorities within its control: glove quality, cost efficiency and strong execution. “Importantly, gloves are an essential product across healthcare, industrial, and food-related sectors, and demand remains resilient. “We will continue to manage our operations prudently to ensure a consistent and reliable glove supply for our customers,” he said. The IR 2025 also underscores PNB’s progress in embedding sustainability across its portfolio and operations. The organisation achieved Net Zero Enterprise emissions for Scope 1 and Scope 2 in 2025, marking a milestone in its decarbonisation journey. It advanced towards its Net Zero Portfolio 2050 ambition, with 40% of the portfolio’s emissions now covered by credible net-zero targets. Beyond environmental commitments, Permodalan Nasional allocated RM100 million to social impact initiatives, including education, financial literacy, flood relief, and grassroots community upliftment, benefitting thousands of Malaysians. “Sustainability is not an adjunct to our strategy; it is integral to our risk management, value creation and institutional credibility. Achieving Net Zero Enterprise emissions in 2025 demonstrates that meaningful progress is possible with clear intent and disciplined execution,” Rizal Rickman said. Having delivered a strong performance in 2025, Rizal Rickman said PNB is focused on sustaining this momentum while remaining alert to an increasingly complex and evolving external environment. “The global outlook continues to be shaped by heightened tensions and macroeconomic uncertainty. “In particular, the escalation of conflicts in the Middle East has further strained an already fragile geopolitical landscape, disrupting supply chains, affecting energy flows, and driving volatility in global energy prices. “These developments are expected to have broader knock-on effects on global growth and capital markets. “In navigating this environment, our resilience is underpinned by actions at both the portfolio and enterprise levels. “Taken together, these efforts position PNB to navigate near-term challenges while delivering sustainable value to our unitholders.”

coordinated GLIC and GLC collaboration. The consolidation of Ekuiti Nasional Bhd (Ekuinas) under PNB represents a key structural development with lasting implications for PNB’s role in Corporate Malaysia, including providing deeper capabilities to nurture Bumiputera enterprises across their growth journey, from pre- to post-listing. In parallel, Permodalan Nasional’s role in the Government-linked Enterprises Activation and Reform Programme (GEAR-uP) and the 10 Bumiputera Champions initiative reflects its commitment to fostering inclusive economic growth and developing credible, future-ready businesses. Meanwhile, at the grassroots level, PNB expanded its financial literacy and empowerment programmes. Financial literacy initiatives such as Celik MADANI have gained strong national traction, with over 200,000 student participants recorded as of 2026.

o AUM rises to RM366.5 billion, bringing it closer to LEAP-6 target of RM400 billion by 2027 president and group chief executive Datuk Rizal Rickman Ramli said 2025 was a year of execution under PNB’s LEAP-6 transformation journey. “Our growth in AUM reflects not only financial strength, but also the effectiveness of our customer-centric approach and disciplined investment strategy,” he said. PNB continues to play a pivotal role in strengthening Corporate Malaysia, contributing to efforts to grow market capitalisation by RM100 billion over five years through

Vessels at the Strait of Hormuz, as seen from Musandam, Oman. – REUTERSPIC

Stable nitrile supply, cost controls bolster Top Glove’s Q3 results SHAH ALAM: Top Glove Corporation Bhd delivered a resilient performance for Q3 ended May 31, 2026 (FY26) despite shifting market conditions. Executive chairman Tan Sri Dr Lim Wee Chai said the group’s steady performance for Q3 FY26 was attributed to sustained efforts to strengthen operational fundamentals. “We appreciate our customers’ manage raw material supply to support the continued availability of gloves. In addition, the group’s flexible

manufacturing capabilities enable switching production between nitrile and natural rubber gloves, to better align with market conditions and raw material availability. This operational agility, coupled with ongoing improvements in quality and cost efficiency, positions Top Glove to respond effectively to movements in supply conditions while continuing to meet customer requirements. Joint managing director Lim Jin Feng said the group’s Q3 performance reflects operational excellence and agility in adapting to market dynamics. “The recent developments in the Middle East have also provided a valuable learning experience in managing geopolitical challenges and mitigating supply disruptions. “This strengthens our preparedness and positions us to respond more effectively to such challenges in the future,” he said. On the corporate side, Top Glove had

For Q3 FY26, the glove maker reported sales revenue of RM1.1 billion and net profit of RM81 million, attributable to prudent raw material management, particularly securing a stable supply of nitrile latex amid recent supply disruptions, which enabled uninterrupted glove production and reliable fulfilment of customer orders. The positive earnings were further supported by timely average selling price (ASP) adjustments in alignment with escalating raw material costs. In addition, ongoing operational improvements in product quality and cost efficiency, coupled with high utilisation rates, further drove margin improvements. For the nine months (9M) of FY26, the group recorded revenue of RM3 billion, representing a growth of 15% year on year. Net profit rose significantly by 64% to RM151 million compared with the same period in FY25, while sales volume increased by 34%.

understanding and continued support during this period, alongside the team’s strong collaboration with suppliers and proactive sourcing efforts, which have ensured uninterrupted glove production and deliveries. “Ongoing improvement initiatives in quality and cost management have also positioned us to remain resilient in changing market conditions,” he said. Moving on, Top Glove said raw material availability for nitrile latex has stabilised as of June 2026, although the business landscape remains dynamic. The group continues to benefit from a diversified supplier network across multiple countries, providing resilience in sourcing and helping to ensure continuity of supply. At the same time, Top Glove maintains close engagement with customers to keep them apprised of developments and to collaboratively