SHAH ALAM, Aug 10 - Menteri Besar Selangor (Incorporation) or MBI recorded approximately RM200 million in profit in the first quarter of this year, driven by the performance of its 27 subsidiaries, putting it on track to achieve its THRIVE28 targets.
Its group chief executive officer Dato' Saipolyazan M. Yusop said the performance was driven by the subsidiaries' focus on sustainable businesses, ensuring that dividend returns could be channelled to MBI and the state government.
"Our subsidiaries are now focusing on sustainable businesses to provide dividends to MBI and the state government. We are now in the second phase and entering the third phase," he told Media Selangor during the CEO Circle 26 programme at the Saujana Kuala Lumpur Hotel today.
Saipolyazan added that almost all of their subsidiaries involved in commercial activities are expected to record profits, while only two or three companies still require MBI's attention and support.
"For the two or three subsidiaries that have yet to achieve profitability, we are looking at how to assist them while reducing their dependence on MBI and the state government," he said.
Through the THRIVE28 vision, MBI will reassess its subsidiaries' operations, businesses, and portfolios to ensure that each entity can generate sustainable profits for MBI and the state government.
"We will review the operations, businesses, and portfolios of our subsidiaries to ensure that the businesses we have generate sustainable profits for MBI and the state government," Saipolyazan said.
Meanwhile, he hopes the current profit momentum can be maintained despite a challenging environment stemming from global geopolitical and economic developments.
"We hope to maintain the existing profit momentum, even though we recognise that the current geopolitical and economic environment presents significant challenges.
"However, we are confident that the targets set under THRIVE28 - revenue of RM8 billion and profit before tax of RM1.2 billion - can be achieved," Saipolyazan said.
THRIVE28 is a comprehensive strategic transformation plan aimed at creating a stronger, more sustainable, and competitive future.
