Solarvest Holdings Berhad announced its fourth quarter and full-year financial results with revenue increasing by 107.9% year-on-year to RM365.5 million from the RM175.8 million attained in the last financial year. In tandem with the top-line growth, profit after tax and non-controlling interest soared to RM19.7 million, indicating a 185.5% growth from RM6.9 million recorded in FY22.
Revenue from the engineering, procurement, construction, and commissioning (“EPCC”) of the solar energy solution segment doubled to RM355.7 million in FY23, constituting 97.3% of the quarter’s revenue. This was mainly attributable to the increase in recognition of the construction progress of large-scale solar (“LSS4”) projects. The remaining 2.7% or RM9.9 million was derived from operations and maintenance of solar energy systems, sales of electricity through solar energy, and other activities.
The Group embarked on geographical expansion into Taiwan, as well as key markets in the ASEAN region including the Philippines, Vietnam, Singapore, and Thailand to acquire new sources of overseas income. In addition to the secured projects totaling approximately 10 megawatt-peak (“MWp”), Solarvest’s overseas project pipeline remains strong as backed by a tender book of 720.0 megawatts (“MW”).
On Solarvest’s quarterly performance, the Group’s revenue increased 46.4% YoY to RM113.2 million and net profit rose 40.4% to RM5.2 million in 4QFY23.
Looking ahead, the group is optimistic about the recent developments in the clean energy industry. The lift of the renewable energy (“RE”) export ban by the Malaysian government, coupled with the new national RE generation target of 70% by 2050, opens new avenues for growth and expansion.
