BUSINESS

TERENGGANU INC TARGETS REVENUE OF RM1.67 BILN IN 2022

25/05/2022 12:17 PM

By Kamaliza Kamaruddin

KUALA TERENGGANU, May 25 (Bernama) -- Terengganu's state-owned investment holding company Terengganu Incorporated Sdn Bhd is targeting a pre-tax profit of RM61.5 million this year on a projected revenue of RM1.67 billion.

President and executive director Burhanuddin Hilmi Mohamed @ Harun said the target was realistic based on the revenue of RM1.2 billion recorded last year due to the increasingly positive economic growth momentum.

He is optimistic that the target could be achieved due to the encouraging revenue recorded by 30 subsidiaries of Terengganu Inc in the first quarter of this year, amounting to RM351 million.

"The companies in the plantation sector have recorded a profit of more than 50 per cent in the first quarter of this year compared to the same period last year following the increase in palm oil price of up to RM5,300 per tonne.

"The plantation cluster involving TDM Bhd and Ladang Rakyat Terengganu Sdn Bhd also recorded profits of RM40.1 million in the first quarter of this year," he told Bernama today.

Besides plantations, two hotels owned by Terengganu Inc, namely Primula Beach Hotel and Permai Hotel, also showed a remarkable increase in revenue of RM7.2 million in the same period.

Burhanuddin said the hospitality sector was expected to continue to contribute to the increase in the group's revenue this year following the reopening of the country's borders and the great promotion carried out the Terengganu Tourism Department.

Similarly, oil and gas and forestry-related companies contributed revenues of RM74 million and RM8 million, respectively, in the first quarter of this year, he added.

In another development, he said for the first time, Terengganu Inc was offering scholarships worth RM500,000 to outstanding Terengganu students for further studies with priority given to accounting and business.

"This is one of the corporate social responsibilities (CSR) carried out by the company in collaboration with Yayasan Terengganu in giving the best return (on investment) towards human capital development," he said.

-- BERNAMA


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