PETALING JAYA: Suria Capital Holdings Bhd (SuriaGroup) is optimistic about its performance for the rest of its financial year ending Dec 31, 2023 (FY23), as it pursues its strategic goals despite the ongoing economic uncertainties.
In a statement, the Sabah-based port operator said one of its aims now was to position the Sapangar Bay Container Port as a regional load centre and develop high-end waterfront projects to transform Kota Kinabalu city.
SuriaGroup believes the extended concession period for Sabah ports until 2064, obtained last year, will enable the group to continue its port expansion and upgrading programme to serve the state’s economy.
Meanwhile, the group also highlighted its proposed collaboration with DP World, a worldwide smart end-to-end supply chain logistics provider, will fast-track the trans-shipment hub initiative and generate further value-adding propositions for Sabah Ports.
“To ensure a holistic, integrated and sustainable waterfront living, environmental conscious strategies will be incorporated in the planning of the entire waterfront development to align with a green and sustainable development.
“The group envisions transforming Kota Kinabalu city into a vibrant, sustainable, investable and attractive waterfront city and tourist hub,” SuriaGroup noted.
For FY22, SuriaGroup registered a profit after tax of RM59.1mil, about 50% higher than the RM39.5mil recorded in the previous year.
Revenue for the financial year also improved by 20.2% to RM302mil compared to the RM251.3mil registered in 2021.
SuriaGroup attributed the increased revenue to the higher operations from its core business in port operations and additional entitlement-in-kind from its property development venture with SBC Corp Bhd.
It declared a total dividend payment of RM13.8mil in respect of FY22, which is equivalent to four sen per share.
In FY22, SuriaGroup’s port operations segment continued to be the primary source of revenue.
It accounted for 78.5% of the group’s total revenue.
Out of the total revenue of RM302mil, the port operations segment generated a total of RM237.2mil.
The higher contribution from the port operations sector was spurred by higher container throughput which was recorded at 449,485 twenty-foot equivalent units (TEUs).
This was an increase of 13.1% against 397,346 TEUs in 2021.
Sapangar Bay Container Port handled 323,629 TEUs,
This represented 72% of the overall TEUs handled in Sabah in 2022.
Tawau Port handled 18% or 80,181 TEUs while Sandakan Port handled 10.2% or 45,675 TEUs in 2022.
“The group’s port operation section will remain sustainable and continue to be the core business of the group,” the statement noted.
Sabah Ports’ total cargo throughput, including containers, in 2022 which registered at 29.2 million tonnes, decreased by 3.3% as compared to the total throughput of 30.2 million tonnes reported in the year before.
This was mainly attributed to the drop in throughput at sufferance wharves.
“The primary types of cargo handled at wharf include containerised cargo which makes up 39.7% of the total load, followed by liquid cargo (palm oil and petroleum) at 34.7%, dry bulk (fertiliser and palm kernel expeller) at 6.3% and other general cargo at 19.3%,” the statement added.
In terms of its long-term plan, SuriaGroup said it will focus on developing the Sapangar Bay Integrated Port which will comprise Sapangar Bay Container Port, Sapangar Bay Oil Terminal and Sapangar Bay Conventional Cargo Terminal.
Meanwhile, for the property development segment, SuriaGroup noted it will focus on completing the second phase of the Jesselton Quay project and developing commercial land at Kota Kinabalu Port.