PRESENTING .....Sabah Energy Corporation Chief Executive Officer Dato' Harun Ismail (left) presenting a mock cheque worth RM7.5 million to Datuk Pengiran Hassanel, Permanent Secretary in the Ministry of Finance(right) witnessed by Chief Minister Datuk Seri Panglima Musa Haji Aman ( center).
SABAH Energy Corporation Sdn Bhd (SEC) has delivered a gross dividend payment of RM7.5 million to the Sabah State Government for the financial year ending 31 December 2012.
The company's full year earnings continues to surpass expectations with a cumulative gross payment to the state totaling RM 86.17 million since 1992.
Musa, who is also Sabah Finance Minister, praised the SEC for their excellent performance and reminded the state agency to maintain the good record and continue carrying out their duties to the best of their abilities.
"We expect our agencies to be prudent in their spending as well as strive to maintain greater efficiency, transparency and accountability,"he said.
During the presentation, Dato' Harun said the SEC and its group of companies registered record profits of RM112 million for the 2012 financial year, a marked increase from RM 69 million in 2011. Even at the department level, SEC raked RM 37 million, while Asian Supply Base Sdn Bhd (ASB), an oil and gas service industry, collected a record achievement of RM 68 million.
Dato' Harun also announced a dividend reinvestment plan to fuel the development of Sabah's natural gas industry as a viable, economical, and cleaner alternative energy source to cater to a wider market of industries operating in Greater Kota Kinabalu. With the recent launching of the "Virtual Pipeline Project" in July 2012 by the Sabah Chief Minister, Dato' Harun said, the SEC is keen to develop market prospects for compressed natural gas especially for industrial use.
Meanwhile, ASB is looking to expand its capacity to support the development Oil and Gas industry in Sabah and Labuan. The State Government-affiliated company has ventured into supplying marine vessels, and plans are currently underway to increase berthing facilities at Labuan. (Insight Sabah)