Suria Capital Holdings Bhd’s RM400 million Sapangar Bay Container Port (SBCP) will be operational on June 1, 2007, its group managing director Datuk Abu Bakar Abas said.
He was confident the port would emerge as an important hub serving beyond Sabah to the BIMP-EAGA (Brunei, Indonesia, Malaysia, Philippines - East Asian Growth Area) region.
“We are also bullish with the bunkering and logistic services prospects. The growth opportunities from increasing gas exploration and production activities in Sabah will have a positive impact to our business, going forward,” he said.
Suria Capital reported RM65.7 million in revenue for the first quarter (1Q) ended March 31, 2007, up 67% or RM26.3 million from a year ago. Pre-tax and net profits were RM19.1 million and RM14.2 million in 1Q, compared with RM14.4 million and RM10.4 million a year ago.
Its unit, Sabah Ports Sdn Bhd (Sabah Ports), is the main revenue contributor to the group.
The total volume of cargo it handled rose 8% to 6.5 million tonnes in 2007 and the total volume of containers it handled during the quarter increased by 21% to 62,880 TEUs from 51,780 TEUs.
Revenue from Suria’s port operations and bunkering services increased 28% to RM47.8 million from a year ago. Contract and engineering recorded a revenue of RM17.4 million, an increase of 45%.
Abu Bakar said the company’s ability to raise AA3/P1 ratings funds, its prospects in palm oil and oil and gas business as well as the potential of Sapangar Bay Container Port have attracted the interest of global foreign investors like Goldman Sachs.
Goldman Sachs held 2.1% of Suria Capital as at April 23, 2007 while Sabah’s investment arms, Warisan Harta Sabah and Yayasan Sabah, own 46.1% and 3.8% respectively.
He was confident the port would emerge as an important hub serving beyond Sabah to the BIMP-EAGA (Brunei, Indonesia, Malaysia, Philippines - East Asian Growth Area) region.
“We are also bullish with the bunkering and logistic services prospects. The growth opportunities from increasing gas exploration and production activities in Sabah will have a positive impact to our business, going forward,” he said.
Suria Capital reported RM65.7 million in revenue for the first quarter (1Q) ended March 31, 2007, up 67% or RM26.3 million from a year ago. Pre-tax and net profits were RM19.1 million and RM14.2 million in 1Q, compared with RM14.4 million and RM10.4 million a year ago.
Its unit, Sabah Ports Sdn Bhd (Sabah Ports), is the main revenue contributor to the group.
The total volume of cargo it handled rose 8% to 6.5 million tonnes in 2007 and the total volume of containers it handled during the quarter increased by 21% to 62,880 TEUs from 51,780 TEUs.
Revenue from Suria’s port operations and bunkering services increased 28% to RM47.8 million from a year ago. Contract and engineering recorded a revenue of RM17.4 million, an increase of 45%.
Abu Bakar said the company’s ability to raise AA3/P1 ratings funds, its prospects in palm oil and oil and gas business as well as the potential of Sapangar Bay Container Port have attracted the interest of global foreign investors like Goldman Sachs.
Goldman Sachs held 2.1% of Suria Capital as at April 23, 2007 while Sabah’s investment arms, Warisan Harta Sabah and Yayasan Sabah, own 46.1% and 3.8% respectively.