Sabah receives RM10mil dividend from Sabah Energy Corporation

Hajiji (second from right) receiving the dividend on behalf of the Sabah government from SEC chairman Annuar.

KOTA KINABALU: State-owned Sabah Energy Corporation Sdn Bhd (SEC) has paid a RM10mil dividend to Sabah.

SEC chairman Datuk Annuar Ayub presented a RM10mil cheque for the financial year ending Dec 31, 2022 to Chief Minister Datuk Seri Hajiji Noor in a brief ceremony at Menara Kinabalu here on Wednesday (June 21).

Annuar was accompanied by SEC chief executive officer Adzmir Abd Rahman.

At the ceremony, Adzmir told Hajiji that SEC and its group of companies recorded a pre-tax profit of RM47.9mil in 2022.

He said SEC's wholly-owned subsidiary, Asian Supply Base Sdn Bhd, contributed significantly with a profit before tax amounting to RM28.8mil while SEC's standalone pre-tax profit stood at RM22mil.

To date, SEC's total dividend contribution to the Sabah government stands at RM241mil.

Adzmir said SEC's accumulated profit after re-investments over the years has increased the shareholders' fund to over RM1bil 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, he added.

"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 government linked-companies (GLCs) in the energy industry," he said.

With its expanding customer base and infrastructure control, he added, the SEC was 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.