The renewable energy player achieved a revenue of RM78.95 million for its second quarter ended 30 September 2022 (Q2FYE2023), a commendable 150% increase, quarter on quarter.
The company principally involves in engineering, procurement, construction, and commissioning (EPCC).
The growth in revenue was mainly driven by the recognition of revenue from the EPCC projects.
The EPCC segment contributed 96.00% of the total revenue in the quarter under review while the remaining revenue was contributed by associated services & products, power generation & supply as well as construction & installation of solar PV facilities segment.
As for the profit after tax and minority interest (PATAMI), Sunview recorded a 77.65% increase to RM3.21 million from RM1.81 million in Q1FYE2023.
For the cumulative six months ended 30 September 2022 (6MFYE2023), the Group achieved a revenue of RM110.45 million which exceeded FYE2022’s full year revenue of RM99.26 million while the 6MFYE2023 PATAMI stood at RM5.02 million.
“The significant improvement in Q2FYE2023 was mainly driven by the strong demand for renewable energy where we believe the growth momentum will be sustainable into the upcoming quarters,” Sunview chief executive officer Ong Hang Ping said
“We are also in the final tendering process for a few EPCC of solar PV and biogas projects which should provide financial visibility for the upcoming financial years ahead,” he added.
“Moving forward, our outlook should very much be bolstered by the Virtual Power Purchase Agreement with a total quota of 600 megawatt, to be tendered by the local and multinational solar companies. This will provide us with the business opportunities to further solidify our order book as we set to bid 20% of the total quota concerned,” he remarked.
As at Q2FYE2023, Sunview’s unbilled order book stood at RM547.93 million and set to be recognised over the next 2 years.
