Solarvest Holdings Berhad (SLVEST, 0215, main board industrial stocks) reported a revenue stream of RM143 million in the first quarter of fiscal year 2024 which represents a quarter-on-quarter increase of 26.7%, while net profit rose by RM6.584 million, an increase of 21%.
In a Bursa Malaysia filing on Tuesday (Aug 22), the company said profitability improvement was mainly due to higher revenue contribution from Phase 4 of the Large-Scale Solar Scheme (LSS4) project.
Compared with the same period last year, revenue in the current quarter increased by 172% year-on-year, and net profit increased by 52% year-on-year.
Solarvest’s unbilled order book stood at RM457mil as at June 30, 2023, which will be progressively recognised in the financial years ending March 31, 2024 and 2025.
Under its Powervest plan, Solarvest has secured a cumulative capacity of 83.6 MW from multiple corporate power purchase agreements, which is expected to contribute RM37 million in annual recurring revenue to the group upon full completion in the next 12 to 18 months.
Powervest is a flexible solar financing program by Solarvest offering a selection of competitive financial models tailored to a company’s budget and financial position in order to maximise your return on Renewable Energy (RE) investment.
