GEORGE TOWN, 21 May — Penang Development Corporation (PDC) made record profits of RM527.1 million in 2024, Penang Chief Minister Chow Kon Yeow said to defend multi-month bonuses at the state-linked firm.
The Padang Kota assemblyman said that the PDC board approved the incentive based on a balanced scorecard that recorded excellent achievements, exceeding the set target of 85 per cent.
“The profit before tax and zakat in 2024 represents a 91 per cent increase compared to RM276.6 million in 2023,” Chow said in a written reply to a question from Lim Guan Eng (DAP–Air Putih) at the state legislative assembly.
He clarified that only 25 per cent of PDC staff received the highest bonus tier of six months’ salary.
Chow also cited PDC’s excellent overall budget performance, noting it recorded 104 per cent in revenue and 96 per cent in expenditure against targets.
He also said PDC achieved interest savings of approximately RM8.6 million through early prepayment of term loans and successfully implemented high-impact strategic investment programmes.
“Although PDC is reported to be involved in several controversial land sale and construction projects, these matters were evaluated when decisions were made,” he said.
He added that follow-up or “catch-up” plans were implemented by PDC management to ensure these projects proceed as planned.
Yesterday, several Penang backbenchers including Lim questioned the rationale behind the PDC bonuses, particularly given the state’s deficit budget.
