Solarvest has been seeing much attention is recent months as the company is involved in multiple projects around solar energy. Its main area involves in solar engineering, procurement, construction and commissioning (“EPCC”) contractor that specialises in solar photovoltaic systems for residential, commercial and industrial properties and large scale solar PV (“LSSPV”) plants.
As the company looks to even bigger projects, it applied to the Security Commission in late last year to transfer its listing on the ACE market to the Main Market. This application has thus been given the nod and Solarvest is on its way.
Solarvest was listed on the ACE Market of Bursa Securities since its admission in November 2019, since then its revenue growth has been spectacular, the groups current market capitalisation now stands at RM894.28 million.
Its latest figures shows the revenue decreased 11.5% from RM253.4 million in FYE 2020 to RM224.3 million in FYE 2021. Solarvest attributes the decrease in revenue was mainly due to lower contribution from the LSSPV segment which contributed 4.3% of total revenue in 2021 compared to 60.3% in 2020. Despite lower revenue recorded in profit before tax increased by RM6.2 million or 37.6% from RM16.5 million to RM22.7 million. The increase was
mainly due to the absence of one-off listing expenses and reversal of impairment losses on trade receivables.
Solarvest was founded in 2012 and was among the first batch of grid-tied solar power installation providers that has obtained the certification from SEDA (Sustainable Energy Development Authority), ISPQ (Institute for Sustainable Power Quality) and GCPV (Grid-Connected Solar Photovoltaic) in Malaysia.
