SEC Declares RM18 Million Dividend Following Strong FY2024 Financial Performance

23 December 2025

KOTA KINABALU: Sabah Energy Corporation (SEC) declared and paid a dividend of RM18 million for the financial year ended 2024, an increase from RM14 million in the previous year, underpinned by a strong financial performance across the Group.

The dividend was presented at the Majlis Penyampaian Dividen & Sumbangan 2025, held at Menara Kinabalu. The presentation was made by SEC Chairman, Datuk Annuar Ayub, together with SEC Group Chief Executive Officer, Datuk Ir. Adzmir Abd Rahman, to the Chief Minister of Sabah, Datuk Seri Panglima Hajiji Noor.

The ceremony was witnessed by Deputy Chief Minister II, Datuk Seri Panglima Masidi Manjun; Deputy Chief Minister III, Datuk Ewon Benedick; the State Secretary, Datuk Safar Untong; and the Permanent Secretary of the Sabah Ministry of Finance, Datuk Sofian Alfian Nair.

For the financial year under review, SEC recorded robust results at both Group and company levels. Group profit before tax rose to RM73.04 million, representing an increase of approximately 81 per cent from RM40.3 million in 2023.

At the company level, profit before tax increased to RM54.6 million, up about 59 per cent from RM34.4 million in the preceding year. Meanwhile, its wholly owned subsidiary, Asian Supply Base Sdn Bhd (ASB), recorded a profit before tax of RM34.5 million, an increase of approximately 77 per cent compared with RM19.5 million in 2023.

Adzmir further noted that from an initial paid-up capital of RM299.9 million provided by the State Government, accumulated profits — following continuous reinvestment — have grown the Shareholders’ Fund to exceed RM1 billion by the end of 2024. Since the Company’s inception, the SEC Group’s book value per share has increased fivefold, from RM0.70 to RM3.56.

To date, SEC has contributed a total of RM273.5 million in dividends to the Sabah State Government.

The improved performance was driven by disciplined and prudent cost management, enhanced operational efficiency, committed leadership, and continued support from the Sabah State Government.

These results also reflect SEC’s ongoing focus on strengthening financial resilience while delivering sustainable value to the State and its people.

With a solid financial foundation in place, SEC remains optimistic about sustaining earnings growth and enhancing shareholder returns in the years ahead.