The Selangor State Development Corporation (PKNS) is expected to earn more than RM300 million this year, according to chairman Datuk Seri Amirudin Shari.

Amirudin said that the amount was projected after accounting for the state-owned company's restructuring of investment and corporate elements, as well as positive developments in the construction sector.

According to him, PKNS lost close to RM500 million in 2020 before turning a profit of up to RM40 million in 2021.

"The profits indicate that the short- and long-term plans have progressed well. This year, we project that PKNS can achieve better results. If in 2020 PKNS posted 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, or over RM200 million to RM300 million," he said during the PKNS open house last week.

Amirudin, who is also Selangor Menteri Besar, said that the Covid-19 pandemic, which has been ravaging the country for the past two years, has caused a portion of PKNS's account position to record a negative value in 2020 due to impairment.

He said that during this time, PKNS addressed the issue of impairment on investments made through restructuring, and as a result, it immediately recorded profits in 2021.

"This shows that the strength of PKNS' business is still there," he said.

Amirudin said that the organisation (established on August 1, 1964) must rise again by reorganising and focusing on current changes.

"PKNS needs to step up and be confident in itself at its highest and lowest points alongside competitors who are as capable as they are. This is the challenge, to remove yourself from the comfort zone and to ensure that PKNS' achievements are not only limited to the housing and construction sector but can also offer what is needed in the market," he added.

During the 2008/2009 global economic crisis, PKNS's operational profit increased significantly compared to the previous fiscal year, thanks to aggressive marketing and rebranding.

Despite a challenging year for most property developers due to the global economic crisis and rising material prices, PKNS made a profit of RM165 million in 2009, which increased significantly to RM206 million in 2010.

In 2011, PKNS recorded its highest profit before tax of RM420 million.

The luxury Datum series, with a gross development value of RM20 billion, is one of PKNS' crowning jewels.