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Daily Express
6 days ago
- Business
- Daily Express
New Labuan gas power plant
Published on: Monday, June 16, 2025 Published on: Mon, Jun 16, 2025 Text Size: The remaining 60 per cent will be held by Petronas Gas Berhad's subsidiary PG Energia Sdn Bhd. The project will be financed through a combination of internally generated funds and external financing. Petronas Gas has a Bursa market capitalisation of around RM34.1 billion. - Pic for illustration only Kota Kinabalu: Labuan's energy security outlook is set to improve by 2028 with the setting up of a new gas power plant to generate up to 120MW of electricity that will keep up with the industrialization progress of the island, now partly dependent on power supply from the mainland. Labuan has its Gas Terminal 1 (LGAST 1) and Gas Terminal 2 (LGAST 2). As Labuan is a Federal Territory, the Federal Ministry of Energy Transition and Water Transformation on Feb 21 approved the setting up of the power plant under a joint venture company known as Rancha Power Sdn Bhd with Sabah Energy Corporation Sdn Bhd's subsidiary SEC Power Sdn Bhd holding 20 per cent shares, Sabah Electricity Sdn Bhd's subsidiary Sustainable Power Sdn Bhd holding another 20 per cent shares. Advertisement The remaining 60 per cent will be held by Petronas Gas Berhad's subsidiary PG Energia Sdn Bhd. The project will be financed through a combination of internally generated funds and external financing. Petronas Gas has a Bursa market capitalisation of around RM34.1 billion. Rancha Power Sdn Bhd, will be responsible for the design, construction, installation, testing, commissioning, ownership, operation, and maintenance of the power plant and its associated facilities, using Sabah's gas resources. Sabah is one of the largest gas producing states in Malaysia. As a distributor of Sabah's gas, Sabah Energy Corporation Sdn Bhd is one of Sabah's profitable GLCs. Sabah contributes nearly 20 per cent of Malaysia's gas production with over 11.6 trillion standard cubic feet, a measurement unit that quantifies large volumes of natural gas. This term is often utilized in energy production and consumption statistics. of natural gas reserve with high potential for monetisation and power generation purposes. Based on the Sabah Gas Masterplan, Petronas has identified 6.8 trillion standard cubic feet of gas in the West Coast of Sabah potentially available for monetisation from 2020 to 2040, subject to technical and commercial viability. Of the 6.8 trillion standard cubic feet of gas identified, 62 per cent or 4.2 trillion standard cubic feet of gas is committed for existing power generation and petrochemical plants across Sabah, while 2.6 trillion standard cubic feet is available for new industries and power plants. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
BusinessToday
19-05-2025
- Business
- BusinessToday
Affin Group's 1QFY25 Profit Rises To RM124 Million Stemming from Better Net Income
Affin Bank Tower at TRX Affin Group (AFFIN) has announced a Profit Before Tax (PBT) after zakat of RM178.2 million for the first quarter ended March 31, 2025. This represents a RM34.1 million or 23.7% increase compared to the RM144.0 million recorded in the same period last year. The increase in PBT was primarily driven by a higher net income of RM39.4 million. The Group's gross loans and financing grew by 7.1% year-on-year, reaching RM72.9 billion as of March 31, 2025, compared to RM68.0 billion as of March 31, 2024. Customer deposits increased by 5.2% to RM75.5 billion. The Current Account and Savings Account (CASA) ratio showed significant improvement, rising to 32.2% as of March 31, 2025, from 24.9% as of March 31, 2024. Datuk Wan Razly Abdullah, President & Group Chief Executive Officer of AFFIN Group, stated that the first-quarter performance reflects the continued execution of the AFFIN Axelerate 2028 (AX28) Plan, with PBT increasing by 23.7% year-on-year to RM178.2 million. He attributed this growth to higher net interest income, an improved funding mix, and a stronger contribution from associates. Despite the tight monetary environment and global macroeconomic headwinds, the Group maintained prudent cost and credit discipline. While remaining cautious about the near-term outlook due to external volatility, AFFIN Group expresses confidence in its ability to navigate the landscape, supported by healthy asset quality, a well-diversified balance sheet, and disciplined execution. Related
