Khazanah Nasional Bhd will diversify its global portfolio but expects a challenging 2025 after reporting lower 2024 profits, Managing Director Amirul Feisal Wan Zahir said. The Malaysian sovereign wealth fund’s profit from operations fell to MYR5.1bn (USD1.15bn) from MYR5.9bn ringgit in 2023, though net asset value rose 22.2% to MYR103.6bn ringgit. Amirul cited higher rates, a strong dollar, and geopolitical tensions as headwinds. Khazanah, which holds stakes in CIMB Group, Tenaga Nasional, and Malaysia Aviation Group, will expand investments in public equities and private markets in the US, Europe, Japan, and China, Chief Investment Officer Hisham Hamdan said. The fund paid a 1-billion-ringgit dividend to the Malaysian government, unchanged from 2023.