Kota Kinabalu: Suria Capital Holdings Berhad delivered a stronger second-quarter performance for the financial period ended June 30, 2026, supported by improved contributions from its core port operations and associate, as the Group continues to strengthen its existing businesses while advancing its strategic diversification into the energy sector.
Its Group Managing Director, Datuk Ahmad Rizal bin Dahli said the Group recorded RM53.7 million in total revenue, compared with RM44.2 million in the corresponding quarter last year, which ended on June 30, 2026.
“Profit before tax (PBT) increased 31% to RM16.2 million, from RM12.3 million previously, while profit after tax rose 6% to RM11.5 million, compared with RM10.8 million in the corresponding quarter.
“The quarterly performance also marked a significant improvement compared with the preceding quarter. Operational revenue increased 8% quarter-on-quarter to RM45.6 million, while gross profit rose 18% to RM14.7 million.
“PBT surged 78% to RM16.2 million, while profit net of tax more than doubled from RM4.4 million to RM11.5 million. The improvement was mainly driven by higher revenue from port operations and a stronger share of profit from the Group’s associate,” said in the statement on Aug 29, this year,” he said in a statement here on Saturday.
Commenting on the Group’s performance, Ahmad said they are encouraged by the stronger performance in the second quarter, which reflects the resilience of their core port operations and the continued contribution from our associate.
“While we remain mindful of external uncertainties affecting global trade and economic conditions, our focus remains on strengthening operational efficiency, enhancing our service capabilities and maintaining prudent financial management.
“At the same time, we are taking deliberate steps to broaden our earnings base. The advancement of the 100MW Gas Peaking Plant in Kimanis marks an important milestone in our diversification journey and provides a platform for Suria Capital to participate in Sabah’s growing energy needs while creating a potential source of stable and recurring income over the longer term,” he said.
For the six months ended 30 June 2026, he said the Group recorded RM87.9 million in revenue from operations, broadly in line with RM87.5 million recorded in the corresponding period last year.
“The Group also recognised RM12.2 million in construction-services revenue relating to the upgrading and construction of port infrastructure and facilities. As the corresponding construction-services cost of RM12.2 million was recognised under cost of sales, this accounting recognition had no impact on gross profit or PBT.
“For the first half of 2026, the Group recorded PBT of RM25.2 million, compared with RM27.8 million in the corresponding period last year. The lower year-to-date PBT was mainly attributable to the non-recurring RM1.52 million write-off of property, plant and equipment following the relocation of ferry terminal operations to the South Jetty.
“The write-off primarily related to buildings, furniture and fittings demolished or disposed of to facilitate construction works for the Jesselton Docklands 1 project,” he said.
Ahmad said port operations continued to be the Group’s largest contributor, accounting for 74.8% of year-to-date revenue and 67.1% of PBT.
“During the first half of 2026, total throughput of major commodities at the Group’s wharves, excluding containers, increased 15% year-on-year, following the transfer of Roll-on/Roll-off (RORO) operations back to Kota Kinabalu Port from DP World Sabah with effect from May 2026.
“Container operations also recorded a modest increase, with the Group’s total container volume rising 2% to 68,107 TEUs, compared with 66,928 TEUs in the corresponding period last year, including Sapangar Bay Container Port, operated by the Group’s associate, DP World Sabah Sdn. Bhd., in which total container volume handled across the Sabah ports network increased 4% to 269,042 TEUs, compared with 258,537 TEUs previously.
“The Group’s associate also made a stronger contribution during the period. Share of profit from the associate increased to RM7.3 million for the first half, compared with RM5.0 million in the corresponding period last year.
For the second quarter alone, the contribution increased to RM4.3 million from RM2.9 million,” he said.
Ahmad said the Group expects its core port operations to remain stable for the remainder of 2026, supported by steady cargo throughput recorded during the first half of the year.
“The recent introduction of new quay cranes at Tawau Port is expected to enhance cargo-handling efficiency and operational capacity, further strengthening the Group’s port service capabilities.
“At the same time, the Group remains mindful of geopolitical uncertainties, evolving global trade policies and prevailing economic conditions that could affect trade flows and business activities,” he said.
Following the relocation of ferry terminal operations to the interim facility at the South Jetty, here, in March 2026, he said the Group is focused on improving operational efficiency and enhancing the passenger experience.
“The continued recovery of Sabah’s tourism industry is expected to support passenger traffic and contribute positively to the performance of the ferry terminal operations.
“The relocation also resulted in a non-recurring PPE write-off of RM1.52 million during the first half of the year. The Group views the transition as part of its broader efforts to support the development of the Jesselton Docklands 1 project while maintaining ferry connectivity and passenger services,” he said.
On advancing into the energy sector, Ahmad said Suria Capital is also progressing its diversification into the energy sector through the proposed development of a 100MW Gas Peaking Plant in Kimanis, Sabah.
“The project was initiated following the receipt and acceptance of a Letter of Notification from the Energy Commission of Sabah by the Group’s wholly-owned subsidiary, SCHB Engineering Services Sdn. Bhd. (“SCES”), together with its consortium partner, NRG Consortium (Sabah) Sdn. Bhd.
“Following shareholders’ approval at the Extraordinary General Meeting on 14 July 2026, the project will be undertaken through Suria Powergen 1 Sdn. Bhd., with SCES holding a 70% equity interest and NRG Consortium (Sabah) Sdn. Bhd. holding the remaining 30%,” he said.
Following the approval, he said the Group completed the first tranche of funding amounting to RM105.0 million to SCES through the subscription of ordinary shares and redeemable preference shares to fund SCES’s investment in the joint venture.
Completion of the proposed joint venture remains subject to the fulfilment of relevant regulatory approvals and conditions precedent under the transaction documents, he added.
“The Group is currently progressing discussions and negotiations on the Power Purchase Agreement and other key agreements required for implementation.
“The project is expected to diversify the Group’s earnings base and, upon commencement of commercial operations, provide a stable and recurring income stream that will support the long-term sustainability of the Group’s earnings,” he said.
Looking ahead, Ahmad said Suria Capital remains focused on strengthening the resilience of its core businesses while pursuing opportunities that can broaden and diversify its earnings base.
With port operations continuing to provide a strong foundation, he said the Group will focus on enhancing cargo-handling capabilities, improving operational efficiency and maintaining high service standards across its ports.
“The Group will also continue to support the recovery of passenger traffic through improved ferry terminal operations and service experience.
“At the same time, the Group will continue to advance its energy diversification initiative, while maintaining disciplined financial and operational management amid an evolving global economic and trade environment,” he said.
Through these efforts, Ahmad said Suria Capital remains committed to strengthening its position as a key infrastructure and services group supporting Sabah’s economic development, while creating sustainable long-term value for its stakeholders.
