Suria Capital records RM52m gain
Published on: Wednesday, July 01, 2020
Kota Kinabalu: The SuriaGroup (the Company and its Group of subsidiaries) registered a net profit of RM52.2 million, which dropped marginally from RM52.9 million in 2018. SuriaGroup’s gross profit eased by 13 per cent to RM83.1 million in 2019 as against RM95.7 million in 2018. SuriaGroup had registered lower revenue from operations of RM250.5 million, down by RM13.4 million or 5pc as compared to RM263.8 million in 2018, attributable mainly to lower contribution by its core business in port operations.
ADVERTISEMENT
This was disclosed by Suria Capital Holdings Berhad which held its held its 37th annual general meeting Tuesday. It was conducted virtually due to the Covid-19 pandemic and in accordance to the guidance issued by the Securities Commission.
The virtual AGM was presided by the Company’s Chairman, Tan Sri Ibrahim Menudin, joined by other Board of Directors, together with Group Managing Director, Ng Kiat Min and Chief Financial Officer, Noorida Baharuddin.
The shareholders approved a final tax-exempt dividend of 2.5pc or 2.5 sen, a dividend payout of RM17.3 million, which is equivalent to 5pc or 5.0 sen net per ordinary share. It represented a payout ratio of 33.1pc against 35.4pc in the preceding year.
Port operations remained the key component of SuriaGroup’s revenue, accounting for 81pc of SuriaGroup’s total revenue for 2019. However, it stood 6pc lower when compared to its contribution of RM238.9 million in 2018.
ADVERTISEMENT
This was in view of the lower overall cargo throughput and container volume handled by its ports during 2019.
During the year, Sabah Ports handled a total of 34.2 million metric tonnes of cargoes (including containers) in 2019 as against 36.4 million metric tonnes in 2018.
ADVERTISEMENT
In terms of container volume, Sabah Ports handled 379,384 Twenty-Foot Equivalent Units (TEUs) in 2019, down by 2pc as against 386,786 TEUs in 2018. Sapangar Bay Container Port handled 70pc of the overall TEUs, an increase of 1pc at 267,094 TEUs in 2019 compared to 264,983 TEUs in 2018. Tawau Port handled 19pc or 70,998 TEUs while Sandakan Port handled 11pc or 41,292 TEUs in 2019.
Liquid bulk (palm oil and petroleum products) represented 46pc of the total throughput handled at wharf, whilst containers (general cargoes and consumable goods), dry bulk (palm kernel expeller and fertiliser) and break bulk (wood products and other general cargoes) made up 34pc, 12pc and 8pc, respectively of the remaining throughput.
A total of 8,686 vessels (including cruise vessels) called at main ports during the year as compared to 9,225 vessels in 2018. Sandakan Port received the most vessels (1,251 vessels), followed by Kota Kinabalu Port, Tawau Port, Sapangar Bay Container Port and other ports.
The railway upgrading project and ferry terminal operations contributed RM18.7 million and RM6 million respectively during the financial year under review.
A number of port development programmes were carried out by subsidiary, Sabah Ports Sdn Bhd (Sabah Ports) particularly to improve operational capability, efficiency and capacity, and mitigate challenges that come hand in hand with growth, which include accommodating larger vessels, addressing congestion at ports and investing in more port handling equipment.
Sabah Ports completed a major wharf extension project at Sandakan Port at a cost of RM129.4 million. The new extension added four new berths to the main wharf that will further enhance the port’s handling capacity and boost its position as the hub-port for the East Coast of Sabah as well as serving the BIMP-EAGA region especially Southern Philippines and East Indonesia.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
