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Daily Express
05-07-2025
- Business
- Daily Express
Sabah's economy now at its best: Total trade value exceeds RM100 billion for third consecutive year
Published on: Saturday, July 05, 2025 Published on: Sat, Jul 05, 2025 Text Size: Dr Mohd Uzir said the three main commodities contributing to Sabah's exports in 2024 were crude petroleum valued at RM21.3 billion, followed by palm oil (RM17.3 billion) and Liquefied Natural Gas (RM4.6 billion). PUTRAJAYA: First it was confirmation by the Sabah Audit Department that Sabah recorded one of the highest state revenues in Malaysia with RM7.6 billion recorded in 2023. Now the Statistics Department's (DOSM) said Sabah's external trade registered a total value of RM107.8 billion in 2024 – surpassing the RM100 billion mark for the third consecutive year since 2022. Advertisement Chief Statistician Datuk Seri Dr Mohd Uzir Mahidin said Sabah's total trade registered a growth of 2.7 per cent, in terms of year-on-year basis. 'Exports amounted to RM61.3 billion in 2024, a decline of 2.3 per cent as compared to the previous year. Imports increased by 10.2 per cent, from RM42.2 billion to RM46.4 billion. 'The higher growth in imports resulted in a 27.9 per cent decline in the trade balance, with a lower trade surplus of RM14.9 billion in 2024,' he said in a statement Friday. Dr Mohd Uzir said the three main commodities contributing to Sabah's exports in 2024 were crude petroleum valued at RM21.3 billion, followed by palm oil (RM17.3 billion) and Liquefied Natural Gas (RM4.6 billion). 'Overall, the exports of these main commodities amounted to RM43.2 billion or 70.4 per cent of Sabah's total exports. 'As for imports, the main contributors were refined petroleum products at RM5.2 billion, manufactured fertilisers (RM1 billion) and palm-based oleochemicals (RM266 million),' he said. The publication presents statistics on the volume and value of Sabah's external trade with trading partners, along with detailed breakdowns by commodity classification. On Thursday, Sabah Audit Department Deputy Director Khairul Anuar Amat Johari said notwithstanding the RM2.9b public debt, Sabah's assets were valued at RM9.1b, while claimable loans were at RM1.26 billion and investments at RM7.9b. He said Sabah also did not face any shortage of funds to manage development projects. State Minister of Industrial Development and Entrepreneurship Datuk Phoong Jin Zhe said confirmation of a 2.7 per cent increase for 2024 reflects continued stability and growth in the state's economy, contrary to opposition claims. 'This shows a healthy performance and clearly disproves claims of a sharp decline in Sabah's trade,' he said. Phoong said he had written to DOSM to seek clarification on the matter, following some confusion earlier. According to DOSM's latest explanation, Sabah's total trade for 2024, including transactions with Peninsular Malaysia and Sarawak, was RM107.78 billion, compared to RM105 billion in 2023. International trade, based on country of origin and destination, reached RM43 billion in 2024. This is higher than the revised figure of RM41.4 billion for 2023, which included RM31 billion in exports. Phoong said the previously announced figure of RM158 billion was inaccurate and that DOSM's clarification helped restore public confidence in Sabah's trade data. 'This confirms that there was no drastic drop in 2024. On the contrary, both overall and international trade values recorded growth,' he said. He also noted that exports of manufactured goods rose by 9.3 per cent to RM12 billion in 2024, calling it a promising sign for the state's industrial sector. * 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
New Straits Times
30-06-2025
- Business
- New Straits Times
Top Glove outlook remains weak as industry challenges persist: analysts
KUALA LUMPUR: Top Glove Corp Bhd's earnings outlook is likely to remain under pressure, with industry challenges expected to persist into the second half of 2025 (2H25), analysts said. RHB Research said Top Glove Corp reported third quarter (Q3) financial year 2025 (FY25) core loss of RM2.3 million, bringing 9MFY25 core loss to RM0.9 million. The firm said that results were below its expectation due to the challenging cost pass-through despite a sequential improvement in volume sold. "We expect industry headwinds to persist into 2H25 due to a higher operating cost environment and intensified competition," it said in a note. On the same note, Public Investment Bank Bhd (PublicInvest) remains cautious on Top Glove's operating landscape, weighed down by persistent pricing pressure and a sluggish demand recovery. The firm noted that the stable-to-declining trend in raw material prices is expected to further cap any upward adjustment to average selling price (ASPs). "At this juncture, earnings visibility remains weak due to tariff uncertainty and an imbalance demand-supply dynamic," it said. Meanwhile, Hong Leong Investment Bank Bhd (HLIB) expects Top Glove to register a flattish quarter on quarter (QoQ) results in Q4 FY25. Looking ahead, HLIB said the sector remains clouded by heightened uncertainty around the supply- demand dynamics heading into 2026 and beyond, worsened with elevating operating costs. "Given upbeat results, we revise our FY25 from a loss of RM1.3 million to a profit of RM21.3 million. "However, we cut our FY26 to FY27 by 4 per cent/ 31 per cent following lower ASP assumptions to reflect the weakening outlook. HLIB has maintained its 'Sell' recommendation and lowered its target price to 60 sen.
New Straits Times
30-04-2025
- Business
- New Straits Times
SFP Tech revises FY24 net profit upward by 24pct post-audit
KUALA LUMPUR: SFP Tech Holdings Bhd has revised its net profit for the financial year ended Dec 31, 2024 upward by 24 per cent in its audited accounts, a deviation of more than 10 per cent from figures reported in its earlier unaudited results. In a filing with Bursa Malaysia, the company said its audited net profit stood at RM11.98 million, versus RM9.68 million reported in its unaudited fourth-quarter results released in February. This prompted the company to issue a formal explanation in compliance with Bursa Malaysia's ACE Market listing requirements. SFP Tech attributed the upward revision primarily to a higher gross profit, which was driven by lower cost of goods sold due to the absorption of inventory-related labour and overhead costs. In addition, the company recorded a lower tax expense due to the reversal of previously overprovided deferred tax liabilities. These gains were partially offset by a reduction in other income and higher administrative expenses, the company said. "The board is of the opinion that the adjustments be made accordingly to give a true and fair view of the financial position of the company," it added. The company's profit before tax was revised from RM21.3 million to RM22.7 million, while tax expenses were adjusted downward from RM11.62 million to RM10.72 million.
