Warisan Harta pays RM10 mln dividend to State Govt
KOA KINABALU: Warisan Harta Sabah Sdn Bhd (WHSSB) yesterday handed over a RM10 million dividend for the financial year ended (FYE) December 31, 2017 to the State Government.
WHSSB is an investment arm of the Sabah State Government.
State Secretary cum director of WHSSB, Datuk Seri Panglima Hashim Paijan, presented the mock cheque for RM10 million to Deputy Permanent Secretary to the State Finance Ministry, Datuk Peter Thien, who received on behalf of the State Government.
The ceremony was witnessed by the Chief Minister cum Finance Minister Datuk Seri Panglima Shafie Apdal at his office at the Sabah State Administrative Centre (PPNS).
Since incorporation on April 6, 1995, WHSSB has distributed gross dividends totaling RM242.7 million to the Sabah State Government.
At the Group level, Hashim said WHSSB had registered a lower revenue of RM78.7 million for the year compared to RM82.5 million in year 2016 due to the challenging business climate during the year under review.
As a result of this, the Group recorded a lower group profit of RM20.9 million against RM38.6 million in FYE2016, attributed to the lower share of results from jointly controlled entities and associations.
Nevertheless, he said the Group's shareholders' funds had increased further to RM1.036 billion in 2017.
At the company level, Hashim said WHSSB registered a lower revenue of RM18.9 million compared to RM19.9 million in FY 2016.
Nevertheless, profit net of tax had improved from RM 3.5 million in 2016 to RM 6 million, he said.
The board and management of WHSSB also expressed their appreciation and would give full support to the State Government's new economic development initiatives and agenda under the leadership of Shafie.
"WHSSB as the investment arm of the State Government is keen to explore new opportunities especially in strategic sectors for the benefit of the State while at the same time develop WHSSB group capabilities for long-term sustainability and remain profitable for the benefit of Sabah."