Latest news with #RM17.6
New Straits Times
3 days ago
- Business
- New Straits Times
Sarawak recorded RM17.6 billion in approved investment last year
KUCHING: Sarawak recorded RM17.6 billion in approved investments across the services, manufacturing, and primary sectors last year, Deputy Premier Datuk Awang Tengah Ali Hasan said today. He said RM13.5 billion, or 76.6 per cent of the total, came from domestic direct investment (DDI), while foreign direct investment (FDI) contributed RM4.1 billion, or 23.4 per cent. "The investments, both from DDI and FDI, involved 376 projects and are expected to create over 7,800 jobs," said Awang Tengah, who is also the state International Trade, Industry and Investment Minister, in his winding-up speech in the State Legislative Assembly here today. He said investments in the services sector accounted for RM7.6 billion, or 43 per cent, closely followed by manufacturing at RM7.5 billion (42.9 per cent), while the primary sector received RM2.5 billion (14.1 per cent). Despite similar investment values, the manufacturing sector was the largest contributor to employment, generating 6,430 jobs or 81.8 per cent of total jobs created. "The manufacturing sector recorded key investments in chemical products (urea, melamine, polycrystalline silicon, and biodiesel) worth RM2.9 billion; electrical and electronic (E&E) products at RM1.2 billion; and non-metallic products (clinker, concrete, and cement) at RM800 million," he said. In the first quarter of this year, the manufacturing sector attracted RM681 million in investments across 24 projects, expected to create more than 900 jobs. Awang Tengah said 115 manufacturing and related services projects were approved last year, with over 65 per cent already successfully implemented, reflecting strong investment facilitation. He added that ongoing investments in industrial infrastructure, including industrial parks, logistics, and digital connectivity, would reinforce Sarawak's long-term growth and competitiveness, positioning it as a prime destination for investors seeking stability and strategic market access. Investor confidence, he noted, remains robust, as reflected in reinvestments totalling RM6.8 billion within the manufacturing sector, primarily in chemical and basic metal industries. "This underscores strong investor confidence in Sarawak's current business environment and affirms our growing reputation as a competitive and reliable investment destination," he said. Awang Tengah also said Sarawak's push for renewable energy, especially solar power, has garnered strong investor interest, with leading potential investors from Abu Dhabi, China, and Singapore currently conducting feasibility assessments. He added that the International Trade, Industry and Investment Ministry is actively streamlining regulatory processes, reducing bureaucracy, and improving policy transparency to enhance business efficiency. "We are adopting a whole-of-government approach to ensure a unified and strategic advancement of Sarawak's development priorities. "Concurrently, we are addressing critical gaps in the investment ecosystem, including upgrading key infrastructure and investing in talent development to better align with industry needs. "These efforts reaffirm our commitment to position Sarawak as a preferred destination for high-quality investments, now and in the years to come," he said. He added that Sarawak continues to attract investors due to its political stability, rich natural resources, strategic location, and investor-friendly policies.
BusinessToday
06-05-2025
- Business
- BusinessToday
Hartalega's FY2024 Profit Jumps 6-Folds To RM72 Million
For the current quarter ended 31 March 2025 (Q4FY25), rubber glove maker Hartalega reported revenue of RM612 million, an increase of RM81 million or 15% compared to the preceding year (Q4FY24). The notable revenue growth was primarily driven by an increase in sales volume of 9% and the strengthening of average selling price (ASP) of 6%. The Group recorded an operating profit of RM9.6 million during the quarter, recovering from an operating loss of RM12.5 million in Q4FY24. This improvement was primarily driven by the higher sales volume and improved operating margin underpinned by an increase in average selling price (ASP) and enhanced operational efficiencies. Despite the increase in operating profit, the Group has registered profit before tax of RM17.6 million, representing a slight decrease as compared to RM18.6 million during Q4FY24. The decline in profitability was mainly due to lower non-operating income recognised during the quarter, which negated the impact of revenue growth for the period. For the 12 months ended 31 March 2025 (12MFY25), the Group achieved revenue of RM2.6 billion, representing a significant increase of RM747 million or 41% compared to the previous financial year (12MFY24). The revenue growth was mainly driven by a 40% increase in sales volume for the year. Operating profit turned positive, at RM53 million compared to an operating loss of RM24 million in 12MFY24. PBT stood at RM48 million, reflecting a 24.7% improvement from RM38 million in 12MFY24. Profit after tax surged more than 6 fold to RM72 million compared to RM12 million recorded in the year before. Hartalega said the profitability improved marginally and was primarily attributable to the significant revenue growth and improved production efficiencies, offset by lower other operating income and adverse foreign exchange fluctuations during the year, which contributed to margin compression Related
Malay Mail
06-05-2025
- Business
- Malay Mail
Tengku Zafrul: Malaysia poised to command 55pc of US rubber glove market despite tariffs
KUALA LUMPUR, May 6 — Malaysia's rubber glove market share in the United States is expected to increase to 55 per cent, despite facing a 10 per cent tariff hike and reciprocal tariffs imposed by the US on Malaysia. Minister of Investment, Trade and Industry (Miti), Datuk Seri Tengku Zafrul Abdul Aziz said glove producers from competing countries such as China are subject to higher tariffs, which gives Malaysia an advantage in expanding its rubber glove exports to the United States. 'As for rubber glove exports, Malaysia is well-positioned to expand its market in the United States. We have about 47 per cent of the market share in the US rubber glove market. And it's expected to rise to 55 per cent based on the feedback the industry has given us,' he said during Miti's 1Q 2025 performance report briefing held today. Miti's 1Q 2025 report showed that the US rubber glove market size by 2030 is projected to reach US$4.17 billion (RM17.6 billion), with the potential of a 55 per cent market share for Malaysia. Rubber products are among the top five Malaysian exports to the United States, amounting to RM7.41 billion (3.7 per cent). — Bernama
