KOTA KINABALU, Sept 10 — Sabah Energy Corporation Sdn Bhd (SEC) today paid a higher dividend of RM10 million to the Sabah government for the financial year ended December 31, 2020, compared to RM8.5 million for 2019.
Chief executive officer Datuk Harun Ismail said the Covid-19 pandemic had presented unprecedented challenges to SEC, which is wholly owned by the state government, and its group of companies last year.
“Despite the challenges, SEC managed to pay a higher dividend for 2020,” he said in a statement from the Sabah Chief Minister’s Office today.
Earlier, Harun presented the RM10 million cheque to Sabah Finance Ministry’s Permanent Secretary Rusdin Riman at Menara Kinabalu here today, witnessed by Chief Minister Datuk Hajiji Noor and Sabah State Secretary Datuk Safar Untong.
Harun said against the state government’s paid-up capital of RM299.9 million, the accumulated profit after reinvestments over the years had resulted in the shareholders’ fund increasing to over RM1 billion as at end of 2020.
“In addition to the increase in value to its shareholder, SEC has also paid dividends totalling RM222.5 million to the government to date,” he said.
Harun said SEC remained resolute in its efforts to preserve its profitability and strengthen its business portfolio during these unprecedented times.
SEC, founded in 1997, is involved in gas retailing, property development, marine and offshore centralised logistics support services/facilities, and the development of energy resources. — Bernama