The Vision of SCORE

Posted on March 18, 2011

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I came across this relatively old article in The Borneo Post today and at first, I paid no attention to it because what’s the big deal anyway.

Just another day and just another company blowing its horn about posting a great year. Technically, it’s The Borneo Post blowing the company’s horn but that’s not the point here.

The point is THIS is not really just another company. Its a homegrown Sarawak company. Founded and based in our great state of Sarawak.

By getting projects to develop Sarawak, it creates jobs and business opportunities for so many of our fellow Sarawakians.

And for the jobs that Sarawakians don’t even want to do anymore, the foreign workers and their families back home are getting a share of the benefits of Sarawak’s prosperity.

Sarawakians of course, will now want the jobs that a high-income economy will provide and with SCORE, or the Sarawak Corridor of Renewable Energy, there will be more of such jobs for our young Sarawakians.

But our young Sarawakians must also realise that high-income jobs will not be given away just like that. Even though there will be more of such jobs, they are only available to those who are prepared to take them.

It means our Sarawakians need to prepare by learning the trade or mastering the art and science of their chosen field of endeavour.

Just like Vision 2020, our SCORE is a vision that will take us all to the next level of prosperity. But as a vision, SCORE is actually much clearer than Vision 2020. Pun may have been intended.

For cynics that say that only crony companies of the Chief Minister are getting the economic goodies, I say FORGET YOU and your myopic condition!

On this island of Borneo, in our neighbouring state Sabah, can you count how many home-grown companies they have and how many sub-contractors and sub-sub contractors they’ve developed so far? Go ahead, cynics! Go ahead, count and compare!

And in the developed states in Malaya, not many can match Sarawak in terms of the number of homegrown companies and the number of sub-contactors and sub-sub contractors that have prospered, as well.

These sub-contractors and sub-sub contractors are so vital for our economy and I am proud that Sarawak has homegrown corporations that can help these small and medium enterprises to develop and grow into giants themselves one day.

And don’t forget that Sarawak doesn’t have a critical mass to support a domestic market for its goods either.

For most people, SCORE is still just a vague concept, but when our people start to work in the factories and plants and taking up the varied jobs in the services sector, we will all feel it.

The question now is with so many jobs awaiting our young people in the next two to three years down the road, will they be ready and prepared to take the opportunities available?

Key words for the day are preparation and opportunities. Got it? Good.

Article in The Borneo Post that triggered the thought:

HSL records new highs in earnings and revenue

Posted on March 1, 2011, Tuesday

KUCHING: Hock Seng Lee Bhd (HSL) released its 2010 annual financial results yesterday, which saw new highs in earnings and revenue figures.

The HSL group posted RM488.26 million in revenue for its financial year ended Dec 31, 2010, up 30 per cent from the RM375.02 million recorded for the preceding financial year.

For that matter, net annual profit before tax for HSL also surpassed the record high of the previous year to reach RM98.42 million. Comparatively, the relevant figures for 2009 and 2008 were RM75.57 million and RM56.46 million respectively.

“We have achieved outstanding financial results for 2010 and surpassed the consensus estimates of financial analysts,” said HSL group chairman Datuk Idris Buang.

Idris also announced that the board of HSL had recommended a final ordinary dividend of six per cent and a special dividend of three per cent, pending shareholder approval at the upcoming annual general meeting (AGM).

With regards to other financial indicators, HSL’s return on equity for 2010 was at 23 per cent, up two percent from 2009, while earnings per share grew from 10.25 sen in 2009 to 13.40 sen for 2010.

For 2010, HSL procured RM532 million worth of new contracts. During the same period, the group completed eleven projects worth RM318 million, an increase of RM118 million from the 2009 figures.

Some of the completed works included the construction of educational institutions, road works at Panchor, Tanjung Manis and Samariang, earthworks at Muara Tebas, dredging and flood mitigation works in Sibu as well as property development projects; Samariang Aman Phase 4 in Kuching and Vista Parade in Sibu.

The group had 28 projects in hand valued at RM1.95 billion with RM1.20 billion outstanding as at Dec 31, 2010.

“There is a concerted effort by our leadership to hasten the industrialisation process in Sarawak and we are honoured to have the opportunity to participate in this exciting period of growth for our state,” said Idris.

Meanwhile, projects within the Sarawak Corridor of Renewable Energy (SCORE) were expected to intensify during 2011 with the commencement of several major road and bridge construction contracts to the proposed hydroelectric dams and to a coal mine in Kapit.

Aside from these projects, HSL would pursue further packages of the Kuching Centralised Wastewater Management System project, flood mitigation projects in Sibu and Kuching and additional reclamation and infrastructure works, particularly in the booming Tanjung Manis – Mukah area.

The latter zone in central Sarawak was earmarked as one of the main growth nodes of SCORE with the halal food hub, seafood processing, ports, ship building, palm oil refining and an airport extension all fuelling upcoming new contracts.

HSL was familiar with the logistics of the area and with applying its reclamation and geotechnical capabilities to overcome the predominantly swampy conditions there.

“Therefore, we feel well-qualified for the big ticket projects expected there.

“In 2011, we will bid for projects throughout the state, not just in the central SCORE region, but also along our populated coastline where urbanization was creating pressure on infrastructure,” said Idris.