Penang Recorded Accumulated Reserves of RM1.82b as of end-2020: AG’s Report

Penang registered a strong financial position, registering accumulated consolidated fund reserves of RM1.821 billion at the end-2020 of compared with RM2.1 billion at the end-2019.

According to the Auditor-General’s (AG) Report, 2020 Series 1 on the Management of Penang State-owned Companies, the consolidated revenue account balance decreased 23.1 per cent to RM887.78 million from RM1.155 billion at the end-2019.

“Revenue collection decreased 29.4 per cent to RM467.28 million from RM661.52 million in 2019. The state government ended the financial year 2020 with a deficit of RM267.06 million against a surplus of RM80.21 million in 2019,” according to the report released here today.

As for the AG’s Report 2020 Series 1, the management auditing of a state-owned company was carried out at PDC Nusabina Sdn Bhd (PDCN) where overall, the company was found to have not fully achieved the objectives of its establishment as a contractor that actively participated in the construction industry.

However, the report commended that the company’s performance in building construction, civil engineering, and building and infrastructure maintenance activities was good as it earned a revenue of RM72.87 million from 2018 to 2020, contributing 98 per cent to its total revenue.

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