The APC recipients with Adenan (centre) flanked by Talib on his right and Morshidi . — Photo by Jeffery Mostapa
KUCHING: Sarawak Economic Development Corporation (SEDC) recorded profit before tax (PBT) of RM22.63 million against a budgeted PBT of RM11.62 million last year, says its chairman Datuk Talib Zulpilip.
“The Group’s profit before tax is also healthy at RM56.48 million in 2014 while its net total assets have also grown in the last five years from RM1 billion to RM1.06 billion as of Dec 31 last year.
“The corporation was able to maintain a healthy cash flow position with a balance of cash and cash equivalents amounting to RM202.98 million as of Dec 31, 2014 despite not receiving operating grant from the state government since 2007,” he said at SEDC’s 43rd anniversary dinner on Friday.
He added that SEDC had obtained the highest level four-star Accountability Index Award in Financial Management by the National Audit Department for five consecutive years (2009 to 2013). It was exempted from being audited last year.
In terms of project performance, Talib, who is also Assistant Minister of Tourism, said SEDC had completed two major projects last year.
“They were the upgrading of Damai Beach Resort (RM7 million) and development of Urban Transformation Centre Sarawak (RM48.5 million).
“There are other development projects for this year, including the building of business premises at Sungai Kayan, Lundu which are expected to be completed in November. Others expected to be completed next year include the new wing of Riverside Majestic Hotel, Golden Bridge across Sarawak River and the new SEDC Tower at The Isthmus,” he said.
Talib also said a significant area in which they have achieved much was the collection of loans and rentals.
“We have set up a body known as Debt Recovery Action Committee to coordinate our debt collection. Since its establishment in 2004, we have collected a total of RM22.171 million of our outstanding debts,” he said.
Moving forward, he said SEDC was confident of riding the rough weather ahead, despite the highly volatile global economic scenario. With strong fundamentals of corporate governance and prudent management, the corporation was looking at new projects and alliances to ensure it remained a major driving force in the development of the state.
Also during the dinner, 18 staff members received Excellence Service Awards (APC) and two groups received the Innovative and Creative Group Awards (KIK).
And as part of SEDC’s corporate social responsibility, contribution was presented to Sarawak Children’s Cancer Society.
Chief Minister Datuk Patinggi Tan Sri Adenan Satem, State Secretary Datuk Amar Mohammad Morshidi Abdul Ghani, SEDC board of directors and others were among those at the dinner.