SEC hands over RM7.5m dividend to Sabah gov't

Sabah Energy Corporation (SEC) Sdn Bhd today issued a dividend of RM7.5 million to the Sabah state government for the financial year ending Dec 31, 2018.

SEC chief executive officer Harun Ismail presented the dividend to Permanent Secretary to the Finance Minister Bahari Hassan, witnessed by Chief Minister Mohd Shafie Apdal (photo, above).

In a statement released to the media during the dividend presentation, Harun said SEC's performance had improved as it earned RM55.8 million in profit last year, compared RM48.4 million in 2017.

"As a result, the shareholders' funds increased to RM940 million at the end of 2018, and to date, the SEC has paid RM204 million in dividends to the state government," he said.

Mohd Shafie, meanwhile, said the SEC had proven its ability as a government-linked company (GLC) and was able to generate profits even under uncertain economic conditions.

“This is a good indication that the SEC is well-governed, so much so it can generate profits and thus provide dividends to the state government.

“So I hope that the capabilities of the company can continue to be improved so that we can all benefit from it. Certainly, dividends like this could be used by the government to help the people,” he said.

- Bernama