KOTA KINABALU, Feb 13 — Yayasan Sabah Group (YSG) said its subsidiary, Innoprise Corporation Sdn Bhd (ICSB), has targeted a 30 per cent increase in profit to RM164 million this year.
Last year, ICSB, which operates as an investment and holding company, recorded a pre-tax profit of RM126 million.
YSG director who is also ICSB chief executive officer Datuk Jamalul Kiram Mohd Zakaria said to achieve the target, the foundation had set a new direction for ICSB to ensure it is capable of making a huge impact on earnings through commercial sectors such as tourism and food business.
“The group management will focus on enhancing the tourism sector as well as develop the food industry which have the ability to generate huge returns on investment in the future.,” he said.
He said this at the YSG dinner event officiated by Sabah Chief Minister Datuk Seri Mohd Shafie Apdal here, tonight.
For this year, Jamalul Kiram said the foundation would stress on the aspects of earnings stability especially following the lack of timber sources.
Towards this end, he said companies that had incurred losses for three consecutive years and unable to return to profitability in the future would be closed down.
In fact, YSG had also set several key performance indicators (KPI) that must be met by every subsidiary to ensure the targets could be achieved within five years, he said.
Among the challenges that must be overcome were economic uncertainty, fluctuations in crude palm oil prices and rising operating costs, he added.
Meanwhile, Jamalul Kiram said YSG would continue to focus on education and human resource development in efforts to enhance the potential of individuals by nurturing balanced human beings through the provision of scholarships, bursaries and loans.
He said since 1967 until last year, YSG had spent RM772.7 million to provide scholarships and bursaries for 101,921 secondary and college students. — Bernama