Kota Kinabalu: Sabah Energy Corporation (SEC) paid a dividend of RM18 million for the financial year ended 2024, an increase from RM14 million in the previous year, following a strong financial performance across the Group.
The dividend was presented at the Majlis Penyampaian Dividen & Sumbangan 2025 held at Menara Kinabalu. SEC Chairman Datuk Annuar Ayub
(pic), accompanied by Group Chief Executive Officer Datuk Ir Adzmir Abd Rahman, presented the dividend to Chief Minister Datuk Seri Hajiji Noor.
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The ceremony was witnessed by Deputy Chief Minister II Datuk Seri Masidi Manjun, Deputy Chief Minister III, Datuk Ewon Benedick, State Secretary Datuk Safar Untong and Permanent Secretary of the Ministry of Finance Sabah Datuk Sofian Alfian Nair.
For the financial year under review, SEC recorded a significant improvement in performance at both Group and company levels. Group profit before tax rose to RM73.04 million, an increase of about 81 per cent compared with RM40.3 million in 2023.
At the company level, profit before tax increased to RM54.6 million from RM34.4 million previously, representing a rise of about 59 per cent. SEC’s wholly owned subsidiary, Asian Supply Base Sdn Bhd, also recorded strong growth, with profit before tax increasing by about 77 per cent to RM34.5 million from RM19.5 million in 2023.
Adzmir said accumulated profits, following continuous reinvestment from an initial State Government paid-up capital of RM299.9 million, have grown the shareholders’ fund to more than RM1 billion by the end of 2024.
He said since its inception, the SEC Group’s book value per share has increased fivefold from RM0.70 to RM3.56, while total dividends contributed to the State Government now stand at RM273.5 million.
The improved performance was attributed to disciplined cost management, stronger operational efficiency, committed leadership and continued support from the Sabah State Government.
With a solid financial foundation, SEC remains confident of sustaining earnings growth and enhancing returns to shareholders in the coming years.
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