Kota Kinabalu: Sabah Energy Corporation Sdn Bhd (SEC) paid RM10 million in dividends to the State Government for the financial year ending Dec 31, 2022.
Chief Minister Datuk Seri Hajiji Noor received the cheque from SEC Chairman Datuk Annuar Ayub at a brief ceremony at Menara Kinabalu, here, Wednesday. SEC Chief Executive Officer Adzmir Abd Rahman was also present.
Adzmir disclosed to the Chief Minister that SEC and its group of companies have chalked a RM47.9 million pre-tax profit in 2022.
He said SEC’s wholly-owned subsidiary, Asian Supply Base Sdn Bhd, contributed significantly to SEC with a profit before tax amounting to RM28.8 million. SEC’s standalone pre-tax profit stood at RM22 million.
SPONSORED CONTENT Shell’s Access to Energy helps power lives of isolated communities in Sabah Kota Kinabalu: In 2017, Sabah Shell Petroleum Co Ltd (SSPC) launched Access to Energy (A2E), a Shell Social Investment programme aimed at providing affordable and continuous supply of electricity from renewable sources for communities who live without connection to the electricity grid. Read more To date, SEC’s total dividend contribution to the State Government stood at RM241 million.
Adzmir said SEC’s accumulated profit after re-investments over the years has increased the Shareholders’ Fund to over RM1 billion at the end of 2022.
As the largest domestic natural gas supplier and transporter in Sabah, SEC is now playing a major role in the industrial and economic growth of the region, said Adzmir.
SEC is committed to enhancing its business operations and profitability in the energy sector, aligning with the State Government’s objective to have more active participation of state GLCs in the energy industry, he added.
With its expanding customer base and infrastructure control, SEC is well-positioned to provide quality products and services that will boost profitability and positively impact the people of Sabah through continuous dividend payments to the State Government, he said.
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