SOE Sarawak has the potential to generate RM9.62 billion in additional revenue by 2030

KUCHING, 22 Sept: State-owned enterprises (SOEs) have the potential to generate RM9.62 billion in additional revenue by 2030 through implementation of second phase transformation initiatives.

According to Sarawak Premier, Datuk Patinggi Tan Sri Abang Johari Tun Openg, based on the aggregate projections when the assessment was made, the initiative also has the potential to generate RM1.6 billion after-tax profit and approximately RM1.27 billion dividend between 2027 to 2030.

"This is an encouraging number. However, I would like to make it clear that these figures are predictions and not achievements.

"Real value depends on the extent to which it translates into results", he said while addressing Sarawak SOEs Transformation Programme - Phase 2: A Pledge for Good Governance, High Performance & Value Creation here today.

He said that the transformation should not only depend on a few large entities like Sarawak Energy Berhad (SEB) and Petroleum Sarawak Berhad (PETROS), but rather each entity should improve performance based on their respective positions.

Additionally, each entity must improve its performance based on its own starting position.

"An increase of RM5 million for one entity may be as significant as an increase of RM500 million for another entity, depending on the mandate, capabilities and initial position of each.

According to him, the second phase of transformation involves 32 regulatory bodies and government-related companies across 17 sectors, with each entity having different mandates, business models and challenges.

Johari added at the same time that the second phase emphasizes the ownership of strategies and initiatives by the entity itself, after the first phase focused on evaluating financial positioning, identifying gaps and direction of transformation. - TVS