Results Up for Malaysian Bunker Player

by Ship & Bunker News Team
Thursday June 26, 2014

Malaysian port operator and bunker provider Suria Capital Holdings Berhad and its group of companies (SuiraGroup) increased its revenues and profits in 2013, Malaysian newspaper Daily Express reports.

The group's revenue totaled RM263.3 million ($81.7 million), up from RM262.9 million ($81.5 million) in 2012, and its after-tax profits grew 22 percent to RM61.7 million ($19.1 millino).

"Port operations, which has been the Group's prime contributor, generated 85.2 per cent of the Group's revenue while logistics and bunkering services provided 10.6 per cent, ferry terminal operations 2.0 per cent and contract and engineering 1.3 per cent," said Group Managing Director Datuk Dr Mohd Fowzi Bin Razi.

The company is now planning an expansion of its bunkering services by leasing storage tanks at Sapangar Bay and Lahad Duta.

"Since collaborating with an international bunkering company for the supply of marine bunker fuel to ships plying Sabah Ports, SP Satria Logistics has significantly improved its sales of fuel, lubricant and water," Fowzi said.

"Among its future projects, SP Satria Logistics is expected to develop the scheduled waste management business and to stockpile marine lubricants at the ports."

SuriaGroup is also expanding into property development through a joint venture agreement with SBC Corp. to develop a waterfront precinct known as Jesselton Quay.

The company is also planning the development of an international cruise terminal at Kota Kinabalu Port.

Another Malaysian bunker supplier, Tumpuan Megah Development Sdn Bhd (TMD), said earlier this year that it is seeking to expand into new markets in the nation.