Latest news with #RM29.5
The Sun
13 hours ago
- Business
- The Sun
Kedah water tariff hike explained by MB as non-burdensome
ALOR SETAR: Menteri Besar Datuk Seri Muhammad Sanusi Md Nor stated that the water tariff increase effective from August 1 will not burden Kedah residents. He emphasised that the new rate of 81 sen for the first 20 cubic metres of domestic use is significantly lower than tariffs in other states. According to Muhammad Sanusi, this adjustment is crucial for Syarikat Air Darul Aman Sdn Bhd (SADA) to manage the state government's water-related debts. 'This tariff increase is not just happening in Kedah,' he confirmed during the Kedah State Legislative Assembly session. He noted that all ten water supply operators in the country requested and received approval for similar adjustments. Muhammad Sanusi, who also chairs SADA, explained that profitability is essential for the company to settle its water supply debts. SADA's financial records show profits after tax ranging from RM31,000 to RM23.1 million between 2010 and 2018. The company faced a loss of RM36 million in 2019 but returned to profitability with RM149,000 in 2020. Profits grew to RM29.5 million in 2021, followed by RM29.4 million in 2022 and RM25.2 million in 2023. SADA recorded RM41.5 million in profit for 2024 and projects an RM80 million profit for the current year. Executive authority over clean water supply resides with the federal government through the National Water Services Commission (SPAN). This is stipulated under Section 3 of the Water Services Industry Act 2006. 'SPAN issues licenses and controls all business plan operators,' Muhammad Sanusi elaborated. He added that SPAN possesses the executive power to take over operations if debt payments cannot be covered. - Bernama
Barnama
14 hours ago
- Business
- Barnama
Water Tariff Hike In Kedah Not Burdending To Consumers
ALOR SETAR, Aug 20 (Bernama) — Kedah Menteri Besar Datuk Seri Muhammad Sanusi Md Nor said the increase in water tariff that took effect from August 1 will not burden the people in the state. According to him, the increase in tariff rate to 81 sen (0 cubic metre to 20 cubic metres) for domestic use is much lower compared to other states. The increase in tariff rate, he said, is an important step to ensure the ability of Syarikat Air Darul Aman Sdn Bhd (SADA) to pay the state government's water debt. "This tariff increase is not just happening in Kedah... all 10 water supply operators requested it and all were granted," he said during the oral question session at the Kedah State Legislative Assembly sitting here today. He said this in response to a supplementary question by Bau Wong a/l Bau Ek (PH-Sidam) who wanted to know the need for the water tariff in Kedah to be increased while SADA was recording a profit. Muhammad Sanusi, who is also the chairman of SADA, said the company needed to record a profit to enable it to pay off debts related to water supply. According to him, based on SADA's records, the company recorded a profit after tax of between RM31,000 to RM23.1 million between 2010 and 2018 before recording a loss of RM36 million in 2019. "In 2020, SADA again recorded a profit of RM149,000 and increased to RM29.5 million the following year, RM29.4 million (2022), RM25.2 million (2023), RM41.5 million (2024) and is projected to record a profit of RM80 million this year," he said. He said that executive power regarding clean water supply lies under the federal Government through the National Water Services Commission (SPAN) as provided under Section 3 of the Water Services Industry Act 2006.
New Straits Times
a day ago
- Business
- New Straits Times
MyCV cracks down on companies owing over RM25mil
KUALA LUMPUR: MyCreative Ventures (MyCV) is taking enforcement action against 19 companies owing a total of RM29.5 million in outstanding loans. Communications Minister Datuk Fahmi Fadzil said that of the 21 cases brought to court, two borrower companies had fully repaid their loans amounting to RM1,005,493.15. "As of Aug 15, 49 companies were found to be delinquent in their loan repayments. Legal action has been taken against 28 companies, with 21 cases concluded in court. Of these, two companies settled their debts in full, while enforcement proceedings are under way against 19 companies involving RM29,525,164.20," he said in a parliamentary written reply. MyCV, an agency under the ministry, supports local creative industry players by providing financial facilities in the form of equity investment, loans, or grants. Fahmi was responding to Jimmy Puah (PH-Tebrau), who had asked what measures were being taken against borrowers who defaulted or wilfully refused to repay government loans. He said that MyCV enforced compliance by issuing reminder notices requiring repayment within 14 days, engaging borrowers to restructure loans, and sending letters of demand. Where necessary, legal action is pursued, including lawsuits, company winding-up, or bankruptcy proceedings against guarantors after obtaining judgment. "Every step taken by MyCV is in line with court directives to ensure borrowers are held accountable and the law is respected. This is vital to ensure funds can be recycled to support other creative industry players in need of financial assistance," he added.
