SEC pays RM10m dividend to state govt

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KOTA KINABALU: Sabah Energy Corporation Sdn Bhd (SEC) paid RM10 million in dividend to the state government for the financial year ending Dec 31, 2022.

SEC chairman Datuk Annuar Ayub presented the cheque to Chief Minister Datuk Seri Panglima Haji Hajiji Haji Noor accompanied by Chief Executive Officer Adzmir Abd Rahman in a brief ceremony held at Menara Kinabalu, near here today.

At the ceremony, Adzmir informed the Chief Minister that SEC and its group of companies chalked a RM47.9 million pre-tax profit last year.

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.

And, SEC’s standalone pre-tax profit stood at RM22 million.

To date, SEC’s total dividend contributions to the state government amounted to RM241 million.

Adzmir also said SEC’s accumulated profit after re-investments over the years had 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.

He also said SEC was committed to enhancing its business operations and profitability in the energy sector in line with the state government’s objective to have more active participation of state GLCs in the energy sector.

“With 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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