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The Sun
6 days ago
- Business
- The Sun
Southern Score posts best-ever 9M earnings, eyes Bursa main market transfer
KUALA LUMPUR: Southern Score Builders Bhd, a construction management specialist for high-rise residential buildings and civil infrastructure, posted a revenue of RM59.8 million for the third quarter (Q3) ended March 31, 2025 (FY25), surging 52.1% from RM39.4 million posted in Q3 FY24. Net profit also grew by 39.4% year-on-year (YoY) to RM10.0 million, up from RM7.2 million in Q3 FY24. For the nine-month (9M) of FY25, Southern Score recorded a revenue of RM140.0 million, representing a YoY increase of RM32.9 million or 30.7% from RM107.1 million in the 9M FY24. The double-digit growth was driven mainly by the group's mechanical and electrical (M&E) arm, SJEE Engineering Sdn Bhd's (SJEE) maiden contribution as well as higher revenue from turnkey construction services following the commencement of the Platinum Melati Residences project. At the bottom line, net profit jumped 53.8% YoY to RM28.6 million, up from RM18.6 million in 9M FY24. The growth was attributed to cost savings from the main building work projects of Vista Harmoni Sentul Residences and PV 22 Residences. Notably, this marks Southern Score's highest-ever net profit for a nine-month period. Executive director and CEO Gan Yee Hin said the company delivered its best-ever nine-month bottom-line performance. 'This was partly driven by the maiden contribution from our M&E arm — a clear indication that our investment is already yielding results. 'Looking ahead, we continue to be upbeat on the prospects as we see vast opportunities for both our construction and M&E divisions,' he said. Gan also noted that the Department of Statistics Malaysia reported that the value of work done in the construction sector continued its upward trend, recording a moderate increase of 16.6% to RM42.9 billion in the first quarter of 2025. Meanwhile, the Malaysian data centre market is projected by Arizton Advisory & Intelligence to reach US$13.6 billion by 2030 from US$4.0 billion in 2024. On top of that, the Johor-Singapore Special Economic Zone (JS-SEZ) opens up new opportunities for us as it is attracting interest from multinational corporations, particularly in the medical, pharmaceutical, and artificial intelligence (AI) sectors, which are exploring potential investments in the area. 'These positive developments bode well for the group, and with our technical expertise and proven track record, we are well-positioned to seize the opportunities ahead,' Gan said. To recap, SJEE had in April 2025 secured a RM51.4 million M&E contract for a data centre project at Elmina Business Park, Selangor. 'This boosted the order book of our M&E arm to RM105.7 million, while the order book for the construction segment stands at RM1.3 billion as of end-April 2025. 'This gives us clear earnings visibility in the coming years,' said Gan. On the corporate front, Gan said the group had proposed in March 2025 to undertake the transfer of the listing and quotation for Southern Score's entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia. 'The transfer represents another major milestone for everyone at SSBB. We believe this exercise will enhance the group's corporate profile, credibility, and reputation, while according Southern Score a greater recognition and following amongst institutional investors. 'Besides, the transfer would boost the confidence of all our stakeholders and better reflect our group's current scale of operations,' said Gan. Southern Score board expects the transfer to be completed within the second half of 2025, barring any unforeseen circumstances and subject to all required approvals being obtained. Gan said the group had proposed in March 2025 to undertake the transfer of the listing and quotation for Southern Score's entire issued share capital from the ACE Market to the Main Market of Bursa Malaysia.


Daily Express
25-04-2025
- Business
- Daily Express
Kibing hiring more Sabahans
Published on: Saturday, April 26, 2025 Published on: Sat, Apr 26, 2025 By: Crystal E Hermenegildus Text Size: Hajiji with Sabahans employed at Kibing's plant. Kota Kinabalu: Chief Minister Datuk Seri Hajiji Noor commended the Kibing Group's commitment to providing employment opportunities to 700 more Sabahans through its latest recruitment drive beginning in May. He said the new intake would add to the 1,625 Sabahans already working in various management, engineering, technical and operations positions, making it 2,325 in all. 'This constituted more than 83 per cent of the Kibing Group's total workforce. A positive development indeed as this not only empowers local communities but also fosters a sense of shared prosperity. Congratulations and thank you,' he said at the Aidilfitri reception with Kibing personnel at its plant in the Kota Kinabalu Industrial Park (KKIP), Friday. Earlier, Hajiji was briefed that Kibing Group would embark on its recruitment drive in collaboration with the SMJ Secretariat from May 13 to May 23 at the district offices of Ranau, Tuaran, Beaufort, Papar, Kota Kinabalu and Penampang. 'I must also stress the importance of prioritising the employment of Sabahans and call upon all industry players to not only employ Sabahans but also invest in their training and development. 'This collective effort is essential to ensure they possesses the necessary skills and knowledge to meet demands of the industry,' he said. Hajiji said it was a momentous occasion when the Kibing Group commenced construction of its RM2.5 billion cutting-edge solar glass manufacturing plant in Sabah in 2022. 'Today, the Kibing Group's presence is not only a transformative venture for Sabah but a testament to the State Government's success in pursuing high-impact projects for the state's progress and economic growth,' he said. He also said Kibing Group has since made great strides when, last November, the Group invested in another venture to build a new RM7.2 billion solar glass plant in Kimanis. 'To date, the positive ripple effect of the Kibing Group's presence in Sabah is already evident and encouraging, with over RM50 million in contract value awarded to local companies since construction began. 'We hold a deep sense of optimism that the Kibing Group will continue to thrive and play an instrumental role in contributing to Sabah's long-term prosperity,' he said. During the briefing, Hajiji was also told that Kibing's first line is running full production, exporting 1,500 containers valued at USD14 million per month. Kibing's second line is expected to reach full production in June, while its third line is expected to reach full production by year end. Kibing export destinations are Southeast Asia, South Asia, North America, Africa and Europe. 'I wish to emphasise the State Government's commitment to facilitate investments into Sabah. We are resolute in our mission to create an environment that attracts more investors. These investments are also about creating employment, fostering innovation and improving the lives of our people,' he said. Present were Federal Domestic Trade and Cost of Living Minister Datuk Armizan Mohd, Industrial Development and Entrepreneurship Minister Datuk Phoong Jin Zhe and State Secretary, Datuk Seri Sr Safar Untong. * Follow us on Instagram and join our Telegram and/or WhatsApp channel(s) for the latest news you don't want to miss. * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia


Borneo Post
25-04-2025
- Business
- Borneo Post
Kibing Group to create 700 new jobs for Sabahans
Hajiji taking a remembrance photo with Sabahan workers at the Hari Raya Aidilfitri celebration with Kibing employees at their factory in the Kota Kinabalu Industrial Park on Friday. KOTA KINABALU (April 25): Chief Minister Datuk Seri Panglima Hajiji Noor has commended the commitment of the Kibing Group in providing employment opportunities for an additional 700 Sabahans through its latest recruitment programme set to begin in May. He said the new recruitment drive would add to the 1,625 Sabahans already employed in various management, engineering, technical and operational roles within the Kibing Group. 'This now constitutes more than 83 per cent of the total workforce at Kibing Group. This positive development not only empowers our local communities but also fosters shared prosperity. Well done and thank you,' he said during the Hari Raya Aidilfitri celebration with Kibing employees at their factory in the Kota Kinabalu Industrial Park (KKIP) on Friday. Earlier, the Hajiji was informed that Kibing Group will launch a new recruitment campaign in collaboration with the SMJ Secretariat from May 13 to 23 The campaign will be held at the district offices of Ranau, Tuaran, Beaufort, Papar, Kota Kinabalu and Penampang. 'I also want to stress the importance of prioritising the employment of Sabahans and urge all industry players not only to hire locals but also to invest in their training and development. 'This collective effort is crucial to ensuring our local workforce is equipped with the skills and knowledge required to meet industry demands,' he said. Hajiji said it was a significant milestone when the Kibing Group began construction of a RM2.5 billion high-tech solar glass manufacturing plant in Sabah in 2022. 'Today, the presence of Kibing Group is not only a transformative effort for Sabah but also a testament to the success of the State Government in continuing to implement high-impact projects for the state's development and economic growth,' he said. Hajiji also noted that the Kibing Group made significant progress when, in November last year, it invested in another project, a new RM7.2 billion solar glass manufacturing facility in Kimanis. 'To date, the positive impact of Kibing's presence in Sabah is evident and encouraging, with over RM50 million worth of contracts awarded to local companies since the beginning of construction. 'We have high hopes that the Kibing Group will continue to grow and play a key role in contributing to Sabah's long-term prosperity,' he said. During a briefing, Hajiji was also informed that Kibing's first production line is now fully operational, exporting 1,500 containers worth USD14 million per month. The second production line is expected to reach full capacity in June this year, while the third line is scheduled to become fully operational later in the year. Kibing Group's export destinations include Southeast Asia, South Asia, North America, Africa and Europe. 'I want to reaffirm the State Government's commitment to facilitating investment in Sabah. The Government remains steadfast in our mission to create an environment that attracts more investors. 'These investments are closely tied to job creation, fostering innovation, and improving the quality of life for our people,' he added. Also present were Federal Minister of Domestic Trade and Cost of Living Datuk Armizan Mohd Ali, Minister of Industrial Development and Entrepreneurship Datuk Phoong Jin Zhe and State Secretary Datuk Seri Panglima Sr Safar Untong.


Borneo Post
22-04-2025
- Business
- Borneo Post
SEC set to boost Sabah's growth as key energy player
Chief Minister Datuk Seri Panglima Hajiji Noor witnesses Sabah Energy Corporation Chief Executive Officer Datuk Adzmir Abd Rahman handing over a RM500,000 contribution to Yayasan Kebajikan Sabah director Datuk Diyanah Abdullah during SEC's Hari Raya Open House today. KOTA KINABALU (April 22): State-owned energy company Sabah Energy Corporation Sdn Bhd (SEC) is poised to play an increasingly strategic role in Sabah's economic and social development, while cementing its position as a key player in Malaysia's energy sector. As a wholly state-owned government-linked company (GLC), SEC carries the mandate to contribute meaningfully to the development of the state and the well-being of its people, an aspiration aligned with the Sabah State Government's broader goals. 'In carrying out our responsibilities, SEC is not just supporting Sabah's economic growth — we are actively shaping its future energy landscape,' said SEC chairman Datuk Annuar Ayub. At present, SEC supplies up to 86 per cent of the natural gas used for electricity generation across Sabah. It also operates a 380MW power plant in the Kota Kinabalu Industrial Park (KKIP), contributing significantly to the state's energy capacity. Looking ahead, the State Government has entrusted SEC to develop two 100MW gas power plants, one each in KKIP and Kimanis, with SEC as the primary stakeholder. 'These projects are set to position SEC as the largest power producer in Sabah by 2030,' Annuar said. Beyond electricity generation, SEC, he said, is the main supplier of natural gas to Sabah's industrial sector, a critical role that is also helping to attract significant foreign investments. These include the RM2.3 billion copper foil plant by South Korea's SK Nexilis, a solar glass manufacturing plant by China's Kibing Group valued at RM3 billion in KKIP and RM7.2 billion in Kimanis, and the RM20 billion green steel plant in Sipitang by Singapore-based Esteel Enterprise Sabah, Annuar said at SEC's Hari Raya Aidilfitri open house held at SICC here today. Additionally, SEC supplies gas to over 40 local SMEs, supporting grassroots industrial growth and with distribution capabilities reaching 370 million standard cubic feet per day (MMscfd), SEC is currently Sabah's largest and Malaysia's third-largest natural gas supplier, ranking just behind Gas Malaysia Berhad and Petronas. According to Annuar, SEC is on track to become the second largest in the country, driven by rising demand and a progressive expansion strategy. 'SEC is also embracing renewable energy, with plans to develop a 15MW solar project in Tuaran and the 187.5MW Ulu Padas Hydroelectric Dam in Tenom, expected to contribute 15 per cent of Sabah's total energy capacity upon completion in 2030,' he said. In another groundbreaking move, SEC, Annuar disclosed, has received a mandate from the Sabah Energy Council to develop a 100MW wind energy project in Kudat, which is currently in the final stages of feasibility studies. 'Through this project, we will also be working closely with local communities via land leasing arrangements, providing not just energy, but also a boost to the rural economy,' he said. 'These efforts reflect our commitment to energy security, environmental sustainability, and inclusive economic growth,' he added. SEC's strategic initiatives have translated into robust financial performance. For the financial year ending 2024, the company posted a pre-audit profit before tax of RM69.8 million at Group level, and RM53.9 million at Company level, one of the highest in its history. 'In recognition of this performance, I'm pleased to announce that the Board of Directors has approved a record RM18 million dividend payout to the Sabah State Government for 2024,' Annuar said. 'This reflects prudent financial management and strong governance, with unwavering support from the State Government and key ministries,' he said. SEC's impact extends well beyond the balance sheet, Annuar said, adding, 'As part of its corporate social responsibility (CSR), the company continues to invest in education and community upliftment, providing learning equipment and assistance to underprivileged students in Sipitang, Kimanis, Kota Kinabalu and Tuaran. 'Success isn't measured solely by profit. It's about how we contribute to the community,' Annuar pointed out. To that end, SEC has increased its annual contribution to the Sabah Welfare Foundation to RM500,000, up from RM200,000 last year. The funds are aimed at supporting vulnerable groups in partnership with the foundation. In tandem with its CSR work, SEC is also nurturing human capital through its Skill Enhancement, Career Advancement (SECA) programme in collaboration with UMS and vocational institutions. The programme offers industrial training opportunities to B40 students, seven of whom were absorbed into SEC's workforce in its inaugural year. 'We're proud to be supporting the State's goal to develop the energy sector as a strategic industry led by local talent,' Annuar said. In keeping with its values, SEC also remains committed to spiritual and religious obligations. As part of this year's corporate events, the company will hand over RM198,536 in business zakat for 2024, a contribution aimed at supporting underprivileged families and communities in need. 'This is not just about fulfilling a religious duty, it's a trust, and a responsibility we take seriously,' said Annuar. With its comprehensive vision for sustainable growth, energy innovation and community development, SEC is positioning itself as a model GLC, one that delivers real value to both the economy and the people of Sabah.