Kota Kinabalu: Sabah Energy Corporation (SEC) has approved a record-breaking dividend payment of RM18 million to the Sabah State Government for the financial year ending 2024, following one of its strongest financial performances to date.
Its President Datuk Annuar Ayub, the group recorded a pre-audit profit before tax of RM69.8 million at the group level and RM53.9 million at the company level. The achievement, he said, reflects SEC’s sustainable business planning and solid governance practices.
“This marks the highest dividend ever in the company’s history, made possible by prudent financial management and strong support from the State Government,” he said at SEC’s Aidilfitri Open House, at Sabah International Convention Centre (SICC), on Tuesday.
As a wholly owned state government-linked company (GLC), SEC plays a central role in supporting Sabah’s economic and energy infrastructure.
The company currently supplies up to 86 per cent of the natural gas used for power generation in the state and contributes to energy capacity through its 380MW power plant in Kota Kinabalu Industrial Park (KKIP).
SEC has been mandated to develop new 100MW gas power plants in KKIP and Kimanis, which are expected to position the company as Sabah’s largest power producer by 2030.
Beyond electricity generation, SEC is also a key supplier of natural gas to the industrial sector. This has helped attract major investments such as the RM2.3 billion SK Nexilis copper foil plant, RM3 billion and RM7.2 billion solar glass facilities by Kibing Group, and a RM20 billion green steel plant in Sipitang by Singapore-based Esteel Enterprise Sabah.
“Supplying energy is not just about keeping the lights on — it’s about powering Sabah’s future and making it a more competitive destination for investors,” said Annuar.
On a national scale, SEC has emerged as Malaysia’s third largest natural gas distributor, after Gas Malaysia Berhad and Petronas, with distribution levels reaching up to 370 million standard cubic feet per day (MMscfd). With demand rising, SEC aims to become the country’s second-largest gas distributor in the near future.
In line with the global energy transition, SEC is also investing in renewable energy. Annuar said 15MW solar project is underway in Tuaran, and the 187.5MW Ulu Padas hydroelectric dam in Tenom is expected to supply up to 15 per cent of Sabah’s energy needs by 2030.
Additionally, he said SEC is exploring a 100MW wind power project in Kudat, which is in the final phase of feasibility studies.
The project is expected to begin by late 2025 and will involve land leasing agreements with local communities — contributing to local economic upliftment.
SEC’s commitment to social responsibility is also reflected in its corporate social responsibility (CSR) programmes.
These include educational support for underprivileged children in Sipitang, Kimanis, Kota Kinabalu, and Tuaran, and a RM500,000 donation to Yayasan Kebajikan Sabah — a RM300,000 increase from last year.
To build local talent, SEC launched the Skill Enhancement, Career Advancement (SECA) programme in collaboration with Universiti Malaysia Sabah (UMS) and Industrial Training Institutes. Seven B40-category students have already been employed under the initiative, with more to follow this year.
Meanwhile, SEC also remains committed to its religious obligations, with a RM198,536 business zakat contribution presented during the Aidilfitri event.
“Success isn’t just measured by profit, but by how much we give back to the people and communities around us,” said Annuar, reaffirming SEC’s commitment to a balanced, people-centred approach to growth.
