A statement from the office of Sabah chief minister Hajiji Noor said SEC’s total dividend contribution to the state government to date stood at RM241 million.

SEC and its group of companies recorded a pre-tax profit of RM47.9 million in 2022.

Last year, SEC paid RM9 million in dividends to the Sabah government for the financial year ending Dec 31, 2021.

In the statement, SEC chairman Annuar Ayub said as the largest domestic natural gas supplier and transporter in Sabah, SEC has been playing a major role in the industrial and economic growth of the region.

He said SEC was committed to enhancing its business operations and profitability in the energy sector, adding that it was aligned with the state government’s objective to encourage state government-linked companies’ (GLCs) participation in the energy industry.

Sabah began a massive revamp of its 200-plus GLCs and statutory bodies in early 2021 to improve the state’s economy and uplift the living standard of its people.

After taking over as chief minister in 2020, Hajiji ordered an immediate review of agreements and contracts involving all underperforming state agencies and GLCs.

Last May, he gave an ultimatum to GLCs to pay at least RM1 million in dividends to the state government beginning last year.

The Sabah government received over RM152 million in dividends from 15 state GLCs and bodies for the 2021 financial year.