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Borneo Post
04-07-2025
- Business
- Borneo Post
Sarawak achieves RM71.1 bln trade surplus in 2024 amid global challenges
Exports remained the key driver of Sarawak's trade performance, expanding by 3.1 per cent to RM134.9 billion in 2024. Imports also registered a modest increase of 1.9 per cent, totalling RM63.8 billion. — Bernama photo KUCHING (July 4): Sarawak recorded at total trade value of RM198.7 billion in 2024, achieving a trade surplus of RM71.1 billion despite challenges posed by global market uncertainties and geopolitical tensions. According to the Sarawak External Trade Statistics for Reference Year 2024 released on Thursday, the figure represents a 2.7 per cent increase in total trade compared to the previous year, underscoring the state's resilience amid fluctuating external conditions. Exports remained the key driver of Sarawak's trade performance, expanding by 3.1 per cent to RM134.9 billion in 2024. Imports also registered a modest increase of 1.9 per cent, totalling RM63.8 billion. Meanwhile, the trade balance saw a year-on-year rise of 4.2 per cent, reaching RM71.1 billion. Chief Statistician Dato Sri Dr Mohd Uzir Mahidin attributed the growth to firm global demand and higher commodity prices, particularly for crude palm oil. Japan emerged as Sarawak's largest export destination in 2024, with export values rising 1.4 per cent to RM29.1 billion. Liquefied natural gas (LNG) dominated the export basket to Japan at RM25.4 billion, followed by wood products (RM1.4 billion) and iron and steel products (RM0.8 billion). 'Japan alone accounted for a significant portion of Sarawak's overall export revenue,' stated the report. China remained another key market, although exports there experienced a slight dip of 1.7 per cent to RM18.2 billion. LNG exports to China amounted to RM13.5 billion, while manufactured metal products and palm oil-related items were also notable contributors at RM1.1 billion and RM0.9 billion, respectively. China still made up 13.5 per cent of Sarawak's total exports. Exports to Asean countries fell by 2.8 per cent to RM16.9 billion, down from RM17.4 billion in 2023. The decline was largely due to reduced exports of electrical and electronic (E&E) products, which plunged by RM1.6 billion or 70.9 per cent. Crude petroleum exports fell by RM1.1 billion, while sawn timber and moulding exports saw a sharp decline of 64.9 per cent. Among Asean nations, Thailand was Sarawak's top export destination in the region, accounting for 39.8 per cent of exports valued at RM6.7 billion. Brunei Darussalam followed with RM2.9 billion (17.5 per cent), and Vietnam at RM2.8 billion (16.7 per cent). Dr Mohd Uzir also highlighted that alongside Japan and China, the Republic of Korea, Peninsular Malaysia, and India made up the top five of Sarawak's key export destinations in 2024. Collectively, Japan and China alone accounted for 35.1 per cent of Sarawak's total exports, valued at RM47.3 billion. 'While there were contractions in some sectors and destinations, overall trade performance remained positive, driven by resilience in major commodities and select manufacturing and agricultural exports,' he said. He added the data compiled in the report was based on physical transactions of goods at the entry and exit points of the state, offering an accurate representation of Sarawak's external trade footprint.
The Sun
04-07-2025
- Business
- The Sun
Sarawak trade hits RM198.7 billion with RM71.1 billion surplus in 2024
KUCHING: Sarawak achieved a total trade value of RM198.7 billion in 2024, marking a 2.7 per cent increase from the previous year. The state also recorded a trade surplus of RM71.1 billion, up 4.2 per cent, despite global economic uncertainties. Higher commodity prices, particularly crude palm oil, and strong demand for liquefied natural gas (LNG) and crude petroleum were key contributors to this growth. Exports rose by 3.1 per cent to RM134.9 billion, while imports increased by 1.9 per cent to RM63.8 billion. Japan and China remained Sarawak's top export destinations, accounting for 35.1 per cent of total exports. Shipments to Japan reached RM29.1 billion, led by LNG (RM25.4 billion), wood products (RM1.4 billion), and iron and steel (RM0.8 billion). Exports to China, however, dipped slightly to RM18.2 billion, with LNG (RM13.5 billion) and palm oil (RM0.9 billion) as major contributors. Other significant markets included South Korea, Peninsular Malaysia, and India. The Department of Statistics Malaysia (DoSM) attributed the state's resilient performance to stable global demand despite geopolitical tensions. - Bernama
New Straits Times
02-07-2025
- Business
- New Straits Times
Hiap Teck's tepid earnings may continue in Q4: HLIB
KUALA LUMPUR: Hiap Teck Venture Bhd's subdued earnings performance is expected to continue into the fourth quarter of 2025 (4Q25). This is mainly due to ongoing weak sentiment in steel prices, uncertainties surrounding US tariffs and the sluggish rollout of domestic infrastructure projects. However, Hong Leong Investment Bank Bhd (HLIB) said the impact will be partially cushioned by stable contributions from the scaffolding business and Eastern Steel Sdn Bhd, as management continues to ramp up capacity utilisation at its hot-rolled coil (HRC) plant. "We trim our core net profit forecasts for the financial years 2025 to 2027 (FY25-FY27) by 3.3 per cent, 0.9 per cent and 3.8 per cent respectively, mainly to reflect lower sales volume assumptions," the firm said in a note. Hiap Teck's core net profit declined 42.9 per cent to RM47.0 million for the nine months ended FY25 (9MFY25), as the improved contribution from its 27.3 per cent-owned ESSB was more than offset by margin compression in the trading and downstream segments, due to weaker selling prices and lower sales volumes. As for ESSB, its core earnings contribution rose 13.6 per cent to RM71.1 million in 9MFY25, supported by stronger sales volumes that more than offset the impact of lower selling prices. The improvement was driven by the continued ramp-up in capacity utilisation since early 2024. ESSB's HRC plant, which began operations in Dec 2024, is currently operating at around 50 per cent. The company aims to increase the utilisation to nearly 100 per cent by the end of 2025, which would help reduce its unit conversion cost further. Overall, HLIB maintained a "Buy" call on Hiap Teck with a lower target price of RM0.34. Despite near-term earnings headwinds, the firm said it continues to favour Hiap Teck for its healthy balance sheet and attractive valuations.
The Sun
29-05-2025
- Business
- The Sun
Paragon Globe Q4 profit soars to RM71.1m on strong land sales, property uptake
JOHOR BAHRU: Paragon Globe Bhd, a main market-listed property developer on Bursa Malaysia, achieved a substantial increase in revenue to RM151.5 million for the fourth quarter (Q4) ended March 31, 2025 (FY25), compared to RM7.9 million in the same quarter last year. Robust property development activities, significant land disposals, and effective operational management primarily drove the group's impressive performance. Profit before tax surged to RM71.1 million from RM2.0 million, with net profit attributable to the owners of the parent rising to RM53.4 million, a significant increase from RM1.3 million in Q4 FY24. The group's annual financial performance similarly showed exceptional growth. Revenue for FY25 rose significantly to RM306.3 million, an increase of more than 500% compared to RM51.0 million recorded in FY24. Profit before tax for the year increased significantly to RM140.2 million from RM0.8 million in the previous year. Net profit attributable to the owners of the parent reached RM105.6 million, making a remarkable turnaround from the net loss of RM1.2 million in FY24. Commenting on the results, Paragon Globe executive chairman Datuk Sri Edwin Tan Pei Seng said this year's outstanding financial performance underscores the strength of the company's strategic initiatives, prudent land bank optimisation, and diligent execution by the management team. 'The significant increase in our revenue and profitability highlights our successful execution of high-value land sales in Desa Cemerlang and strong market reception for our property developments in Pekan Nenas, Johor,' he said in a statement. The property development segment remained the group's primary revenue contributor, delivering RM151.5 million in Q4 FY25 and RM306.2 million for the full financial year. This impressive growth was primarily driven by strategic land sales and encouraging take-up of detached factories and shop offices. Paragon Globe also made significant progress on its sustainability agenda, signing a memorandum of collaboration with GreenRE Sdn Bhd in April 2025. This strategic collaboration will enable the group to adopt GreenRE's recognised certification standards, reinforcing its commitment to sustainable and responsible development in alignment with national ESG goals. 'We remain optimistic about the prospects ahead, particularly given Johor's accelerating development initiatives such as the Johor-Singapore Rapid Transit System and the Johor-Singapore Special Economic Zone. 'These initiatives are anticipated to stimulate economic activity and the property market, presenting substantial opportunities for our upcoming residential and industrial projects,' Tan said. Paragon Globe is firmly focused on sustaining its growth momentum by leveraging strategic opportunities, upholding disciplined financial management, prioritising sustainability, and delivering high-impact developments. With a solid project pipeline and continued market interest, the group is well-positioned to generate strong financial performance and long-term value for its shareholders and stakeholders.
