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Suria Capital Holdings Bhd,
which operates eight ports in Sabah under wholly
owned subsidiary Sabah Ports Sdn Bhd, is
targeting a 15% to 20% growth in TEUs (20ft
equivalent units) this year after streamlining
its port activities.
Last year, Sabah Ports handled 271,020 TEUs
worth of containers, up 19% from the previous
year.
The surge in volume was contributed by its new
Sapangar Bay Container Port that started
operations last June.
Sapangar Bay is a dedicated container port
envisioned to be the transhipment hub in the
Brunei-Indonesia-Malaysia-Philippines East Asean
Growth Area (BIMP-EAGA).
Suria Capital chief financial officer Mohamad
Yasin Abdullah told StarBiz that its ports in
Lahad Datu, Sandakan and Tawau were to be the
feeder port to Sapangar Bay.
“Via this domestic hubbing or streamlining of
container operations, Sapangar Bay will emerge
as a transhipment hub by creating the critical
mass of containers,” he said.
“Lahad Datu, Sandakan and Tawau supply local
container to Sapangar Bay to be exported.
“In return, Sapangar Bay distributes import
containers destined for Lahad Datu, Sandakan and
Tawau via feeder vessels or barges.
“This will then attract more main line operators
to call at Sapangar Bay,” he said, adding that
currently Hubline and Johan Shipping were the
main line operators calling at the port.
He said previously Lahad Datu, Sandakan and
Tawau ports handled a small amount of
containers. Financially, port operations and
bunkering were Suria Capital's largest earnings
contributors, recording stellar performance in
its fourth quarter ended Dec 31.
Port operations and bunkering segments
registered revenue at RM73.1mil, an increase of
59% over the previous year’s corresponding
quarter.
The second highest contributor was contract and
engineering segments with RM32.1mil, an increase
of 41% against the same period in 2006.
Overall, the group recorded revenue of
RM87.3mil, up 29% or RM19.6mil compared with the
previous corresponding quarter.
Suria Capital recorded net profit of RM116.2mil,
up by 685% against the corresponding quarter,
mainly due to recognition of net deferred tax
assets as a result of unabsorbed investment
allowance amounting to RM98.8mil.
Sabah Ports has been granted approval by the
Ministry of Finance on the tax incentive applied
under the Approved Service Project.
The incentive, which Sabah Ports applied for, is
the Investment Allowance under Schedule 7B of
the Income Tax Act 1967, which gives rise to the
deferred tax assets being recognised.
Accordingly, the group reported a full-year
profit of RM202.5mil compared to RM46.9mil in
2006.
Going forward, Suria Capital group managing
director Datuk Abu Bakar Abas said in a
statement that it was optimistic on the overall
business opportunities this year.
“Under the Ninth Malaysia Plan, the Government
has allocated big sums for more infrastructure
development to be implemented in the state,
particularly for the Sabah Development Corridor.
“This new scenario will give a positive impact
on our business growth and overall performance,”
he said.
On other developments, Mohamad Yasin said the
company's RM1.5bil Jesselton Waterfront project
was expected to be launched in the second
quarter of this year.
The Jesselton Waterfront project is divided into
three separate projects involving three equal
joint-venture partners, namely IJM Properties
Sdn Bhd, Glomac Bhd and Kota Kinabalu Pavilion
Sdn Bhd. |
