SMJ Energy posts RM259mil net profit in FY23

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KOTA KINABALU: SMJ Energy Sdn Bhd (SMJE) recorded RM259mil profit after tax (PAT) for its financial year ending Dec 31, 2023, a leap from the RM7mil net losses in the previous year as a start-up.

"The group concluded the year with a positive cash balance of RM250mil and total gross assets of RM5.1bill.

"Restructuring SIP's substantial legacy debts through Sukuk refinancing at a significantly lower interest rate has dramatically reduced borrowing costs, achieving over RM60mil in interest savings in 2023 alone.

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Article Details

Author / Journalist: KRISTY INUS

Category: EconomyBusiness

Markets: Malaysia

Topics: Sabah Corporate News Masidi Manjun SMJ Energy /Business/Business News

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-09 @ 22:45:00 (1 weeks ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 415 words

Reading Time: 3 minutes read

Sentences: 13 lines

Sentence Length: 32 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © The Star

News ID: 21555898

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