KUCHING – Sarawak’s state-owned enterprises (SOEs) are targeting RM9.62 billion in additional revenue by 2030 as the state moves into the second phase of its SOEs Transformation Programme.
The programme also projects an additional RM1.6 billion in Adjusted Profit After Tax (APAT) and about RM1.27 billion in dividends between 2027 and 2030.
The projections were identified through an exercise covering 32 statutory bodies and government-linked companies operating across 17 sectors.
Premier of Sarawak Datuk Patinggi Tan Sri (Dr) Abang Haji Abdul Rahman Zohari bin Tun Datuk Abang Haji Openg said the figures represented opportunities identified through the transformation process rather than confirmed financial achievements.
“These are encouraging numbers. But let me be clear: These are projections, not achievements. Their real value will depend on how effectively they are translated into results,” he said.
He was speaking at the launch of the Sarawak SOEs Transformation Programme – Phase 2: A Pledge for Good Governance, High Performance and Value Creation at the Hilton Hotel in Kuching on Tuesday.
Phase 2 shifts the programme from assessment and diagnosis towards implementation, with individual SOEs taking greater responsibility for developing and executing their own transformation strategies.
Participating entities are expected to assess their current position, establish where they aim to be by 2030 and determine the steps required to close the gap between the two.
The framework also places greater responsibility on boards, chief executive officers, general managers and management teams to turn strategic plans into measurable results.
Among the areas being considered are new revenue sources, cost efficiencies, commercialisation of assets and expansion into new markets. The approach is intended to allow individual SOEs to identify opportunities according to their respective mandates and operating conditions.
The programme does not apply a single model of financial self-reliance to all state entities. Organisations with regulatory, social, public-service or strategic responsibilities may continue to require government support, while such assistance is expected to be tied to defined mandates, measurable outcomes and greater financial discipline.
For commercially focused SOEs, the transformation agenda places greater emphasis on increasing revenue, improving productivity, controlling costs, making better use of assets and strengthening competitiveness.
“Our commercially oriented SOEs, the message is straightforward: Compete. Earn. Grow,” the Premier said.
The broader objective of the programme is to develop state enterprises that are more capable and sustainable while increasing their contribution to Sarawak’s economic development.
With Phase 2 entities moving into implementation through their respective Transformation Playbooks, the first 100 days are expected to focus on turning commitments into practical measures.
Key areas during this period include revenue generation, cost reduction, digital adoption and organisational restructuring.
The implementation stage is intended to place greater emphasis on measurable outcomes rather than the preparation of plans alone. The projected financial gains will serve as targets for assessing the performance of participating SOEs through 2030.
The programme therefore represents a shift towards greater accountability at the individual-entity level, with boards and management teams expected to monitor progress and deliver against the strategies developed under Phase 2.
While the RM9.62 billion revenue figure provides an overall indication of the potential identified across participating entities, the final results will depend on the execution of the individual transformation initiatives over the coming years.
