Seal Incorporated Berhad, Malaysia, said it intends to diversify its business activities in line with its strategic objective to include investments and related activities in renewable energy (RE) that includes the field of solar energy, the company said in a filing with Bursa Malaysia.
Seal carries out operations mainly in property investment, building contracting, managing property development projects, and timber extraction and sales. Revenues experienced a decline for the past three financial years up to the year ending June 30, 2024. Mainly, the group’s performances during this period depended on property development and investment, which together accounted for about 86% of the total revenue achieved.
Response to the downturn has seen Seal identify renewable energy as a growth area. In investing in RE, particularly solar energy, the company aims at creating more revenue streams and improving financial position.
While sealing its intentions to diversify activities, the company has asserted it would maintain the current operations. Periodically, the board will review the performance of the company and seek further areas for improvement in the financial results.
