S’wak corporate investments up RM90.51 mln in 2017

KUCHING: The Sarawak government's investments in 2017 rose by RM90.51 million or 2.1 per cent from RM4.25 billion in 2016.

According to the AuditorGeneral's Report (Series 2) for Sarawak, this comes as the Sarawak government increased its investments in SI Capital Sdn Bhd as well as made new investments in Serba Dinamik Holdings Bhd, Petroleum Sarawak Bhd, Capital Development Resources (Sarawak) Sdn Bhd, Gas Network (Sarawak) Sdn Bhd and Gas Resources (Sarawak) Sdn Bhd.

The report further noted that the Sarawak government received RM1.82 billion in dividends in 2017.

This represented an increase of 54.2 per cent from RM1.18 billion in dividends received the year before.

Meanwhile, the report also looked at the performance of companies under the purview of Sarawak's 10 state statutory bodies.

The bodies had invested in 70 companies, with 53 still active while 17 are dormant.

Of the 10 bodies, Sarawak Economic Development Corporation (SEDC) and Sarawak Timber Industry Development Corporation (STIDC) holds the most companies, with 27 and 19 respectively.

The report further stated that as of Dec 31 last year, 31 out of the 53 active companies under nine state statutory bodies raked in profits of RM1.4 billion.

Among subsidiaries that accumulated top profits during the year are Pelita Holdings Sdn Bhd (RM738.45 million), Hornbill Skyways Sdn Bhd (RM151.08 million), Harwood Timber Sdn Bhd (RM104.01 million) , Petronesa Sdn Bhd (RM62.65 million) and PPESTernak Holdings Sdn Bhd with RM50.48 million.

In terms of losses, the report stated that 22 active subsidiaries accumulated a total loss of RM1.01 billion.

Companies registering the highest amount of losses for 2017 are Bintulu Capital Sdn Bhd (RM700.26 million), Damai Beach Golf Course Bhd (RM69.70 million), Pelita Mukah Sebakong Sago Plantation Sdn Bhd (RM68.59 million), Sarawak Forestry Corporation Sdn Bhd (RM36.22 million) and Pelita Dalat Sago Plantation Sdn Bhd (RM35.32 million).

Looking at dormant companies, the report said nine out of 17 dormant companies under four state statutory bodies raked in profits of RM4.13 million. On the other hand, eight dormant companies faced total losses amounting to RM19.85 million.

Dormant firms bringing in the highest profit were Permaisara Sdn Bhd (RM1.77 million), Sarapine Sdn Bhd (RM0.82 million), Tinamou Sdn Bhd (RM0.65 million), Sara Concrete Poles Sdn Bhd (RM0.34 million) and Kestrel Sdn Bhd (RM0.26 million).

Dormant companies with the biggest losses were Eastern Empress Silk Sdn Bhd (RM18.19 million), Mayang Tea Sdn Bhd (RM1.44 million), Damai Beach Resort Sdn Bhd (RM0.05 million), Sara Resorts Holdings Sdn Bhd (RM0.05 million) and Selah Timber Sdn Bhd (RM0.04 million).