SINGAPORE: Singapore state investor Temasek’s portfolio reversed a decline in returns for the year ended March 31 as rebounding markets lifted it from a Covid-19-induced slump.

The company, which is among the world’s most prolific institutional investors, today reported an annual return of 24.5% for the period, a significant recovery from the minus 2.28% seen in the preceding year and its best performance in a decade.

Net portfolio value rose to a record S$381 billion, up from S$306 billion in its previous report.

It was a respite for the Singapore government-owned investor, whose one-year total shareholder return had tapered off in recent years.

All this took a turn in the past year as the company logged a bumper group net profit of S$57 billion — the highest in 10 years.

Temasek holds significant stakes in the city-state’s key companies, such as Singapore Airlines, Singapore Telecommunications and DBS Group Holdings, and is involved with notable names within the global tech industry.

For example, it previously placed bets on companies such as the Southeast Asian unicorn and superapp provider Grab and the Chinese e-commerce giants Alibaba Group and Tencent.

According to data platform Global SWF, Temasek was last year’s top tech backer among state-owned investors, at US$2.3 billion — a reflection of the company’s interest in the sector.