KOTA KINABALU: The Sabah Energy Corporation Sdn Bhd (SEC) managed to pay a higher dividend to the state government for the financial year ending Dec 31, 2020, compared to 2019, despite the Covid-19 pandemic.
SEC chief executive officer Datuk Harun Ismail (pic) said the Covid-19 pandemic has given unprecedented challenges to the profitability of SEC and its group of companies last year but they still managed to pay a RM10mil dividend to the state government.
The dividend paid in 2019 was RM8.5mil, he said after presenting the cheque to Sabah Finance Ministry Permanent Secretary Rusdin Riman.
The presentation ceremony was held at the State Administrative Centre on Thursday (Sept 9).
It was witnessed by Chief Minister Datuk Seri Hajiji Noor and State Secretary Datuk Seri Safar Untong.
Harun said that against the state government’s paid-up capital of RM299.9mil, the accumulated profit after reinvestments over the years resulted in the shareholders’ fund increasing to over RM1bil as of 2020.
In addition to the increase in value to its shareholders, SEC has also paid dividends totalling RM222.5mil to the government to date, Harun said.
“SEC remains resolute in its efforts to preserve its profitability and strengthen its business portfolio during these unprecedented times,” he added.