KOTA KINABALU: The Yayasan Sabah (YS) Group has managed to execute 95% of the 17 initiatives under Sabah Maju Jaya (SMJ) halatuju so far, says Chief Minister Datuk Seri Hajiji Noor.
Hajiji, who is YS board of trustees chairman, said the 17 initiatives carried out last year involved the two SMJ core initiatives, namely human capital and green sustainability.
“This performance is something to be proud of and I congratulate all YS Group staff for their involvement.
“As the state government’s strategic machinery, the YS Group is expected to spearhead various programmes in line with the SMJ development plan and we have not reached the end.
“Human capital development must be boosted, especially in educational aspects, and I want YS Group to focus on education from early childhood until higher learning,” he said when launching its awards night here on Tuesday (Feb 7).
Hajiji was also pleased that Kolej Teknologi Yayasan Sabah (KTYS) has recorded 98% graduates marketability rate, while University College Sabah Foundation (UCSF) registered 75% in 2022.
He also urged the YS Group management to continue aggressive efforts to see its subsidiary companies’ businesses maintain profits and boost dividend payouts towards ICSB (Innoprise Corporation Sdn Bhd).
“Almost all sectors the Group were involved in saw better returns last year, where pre-tax profits were estimated to be over RM412mil.
“So congratulations to the oil palm plantation and electricity generation subsidiaries that were the main contributors to this performance.
“The recovery of profits by subsidiaries in the tourism and logging sectors also impacted the good results.
“I was informed that based on regular monitoring of the subsidiaries in 2022, we saw a record of RM253.18mil dividends payout to ICSB,” he added.
Moving forward, the Chief Minister urged its management to continue its focus on ensuring cost efficient administration, transforming subsidiaries that are making losses via joint ventures with partners that could inject investments, and monetising assets, such as land and forestry.
He also suggested value adding and increasing returns of subsidiaries through public listing and collaboration with local and international organisations with shared interests.
“Future focus should also be on the implementation of Pavilion Harbour City, Jesselton Waterfront Sdn Bhd and Lok Kawi Resort City projects, ensuring cash entitlements from joint development projects received as soon as possible, and carrying out new hydroelectric development projects in identified locations,” Hajiji added.