Cypark Resources Bhd achieve a pre-tax profit of RM20.574 million on the back of a turnover of RM77.203 million for the first quarter ending January 31, 2022, from a pre-tax profit of RM20.574 million on the back of a turnover of RM76.579 million for the same quarter previously.
In a Bursa filing, it said that the group generated total revenue of RM77.2 million for 1Q2022, which represented a marginal increase of RM0.7 million or 0.9% as compared to RM76.5 million recorded in 1Q2021. This was mainly attributed to the better performance of the renewable energy division in the current quarter.
The Government’s determination to boost usage of Renewable Energy (“RE”) as the previous target of 20% RE adoption by 2025 has been revised to 31% is in line with its commitment to the 2012 Paris Agreement.
This makes a great incentive to RE players like Cypark to contribute towards the acceleration of Malaysia’s adoption of green energy, including in solar energy. With the increase in the RE adoption target, Cypark expects sizeable solar quota to be offered by Suruhanjaya Tenaga through LSS5 tender and beyond in which Cypark will participate accordingly.
Under the Twelfth Plan, as the Government focuses on the green economy, recycling of waste, and implementing a circular economy towards a more sustainable future for Malaysians, Cypark believes that there is a big potential for growth in Waste-to-Energy (“WTE”).
In this respect, the continuous effort of the Government under the Ministry of Housing and Local Government in inculcating greener way for waste management could result in more WTE plants being built in the future. Out of the 5 potential new WTE tenders that were highlighted, Cypark has participated in 2 WTE tenders in Johor and Malacca in collaboration with Johor and Malacca state-owned companies.
Moving forward, it said that it believes its outstanding track record in designing, constructing, owning, and operating the country’s first WTE plant in Ladang Tanah Merah, Negeri Sembilan could stand us in good stead to win more WTE projects in the future.