KOTA KINABALU: The Sawit Kinabalu Group recorded its highest pre-tax profit in its 25-year history with over RM320 million this year compared to RM131 million, previously.
Chief Minister Datuk Seri Hajiji Noor said the state government investment arm company's achievement was commendable, especially during the Covid-19 pandemic when the country's economic sector was affected.
"The group has not only performed well in the business sector but also carried out its corporate social responsibility (CSR) to help all levels of society in Sabah including financial assistance.
"I was also informed, despite the pandemic, the market price for crude palm oil (CPO) has reached the highest price of more than RM5,000 per tonne this year," he said at the Sawit Kinabalu Group's 25th anniversary celebration at the Sabah International Convention Center (SICC) here.
Hajiji, who is also state finance minister and Sawit Kinabalu Group chairman, commended the group's initiative in diversifying its business activities to property development, cattle, meat and swiftlet farming.
"This move was to ensure the group remains relevant as a state government investment arm. This initiative is also in line with the state's Halatuju development agenda."
During the event, Hajiji also witnessed the signing of three memoranda of understanding (MoUs) between Sawit Kinabalu Encotech, a subsidiary company and All Cosmos Industries Sdn Bhd; Sawit Kinabalu Sdn Bhd and Universiti Teknologi Mara (UiTM); and, Sawit Kinabalu Sdn Bhd with International Institute of Plantation Management (IIPM) Sabah Regional Chapter.
He said the state government welcomed all industry players, regardless of government-linked companies (GLCs) or the private sector, to continue expanding their businesses and tap the existing resources in Sabah.
Hajiji said the board of directors had agreed in principle to make an initial bonus payment to all members this month.
He also received the IIPM honorary fellow award for his significant contribution as the group chairman in ensuring the sustainable development of the palm oil plantation industry in Sabah.
The award was presented by IIPM deputy chairman, Datuk Daud Amatzin.