Solarvest Holdings Berhad announced its first quarter financial results with revenue coming in at RM143.4 million marking a 172.3% surge from RM52.7 million recorded in the preceding year’s quarter ended 30 June 2022. In tandem with the top-line growth, profit after tax and non-controlling interest improved 56.5% year-on-year to RM6.7 million from RM4.3 million previously. Notably, this stands as the strongest quarterly performance in the Group’s history.
Revenue from the engineering, procurement, construction, and commissioning of the solar energy solution segment soared by 176.8% to RM140.7 million in 1QFY24, constituting 98.1% of revenue. The growth was attributed to the increased recognition from higher construction progress of large-scale solar projects. The remaining 1.9% or RM2.7 million was derived from operations and maintenance (“O&M”) of solar energy systems, sales of electricity through solar energy, and other activities.
Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong said, “We are pleased that all three of our LSS4 assets totaling 67.3 MWp are on track for commissioning by FY24, positioning the Group to generate annual electricity sales of RM9.0 million in net profit for 25 years upon commissioning. Additionally, recent developments on the Corporate Green Power Programme (“CGPP”) also bode well for us. Our Group have project opportunities amounting to 250 MWp through CGPP, of which approximately 50 MWp is under full ownership by Solarvest. With scheduled commissioning in 2025 and 21-year power purchase agreements (“PPA”), our CGPP solar plants will further contribute to our recurring income in the long run. Notably, our current unbilled order book of RM457.0 million is also expected to be further bolstered by the EPCC projects under the CGPP framework.”
Additionally, the Group’s low-carbon mobility, Powerbee, is making substantial headway with a goal to deploy 10,000 EV charger installations by 2030. Recently, the Group also signed a Memorandum of Understanding (“MoU”) with Singapore partners in advancing energy storage system (“ESS”) development in solar energy systems. In parallel, Solarvest is venturing into new sustainable solutions including energy efficiency (“EE”), renewable energy certificates (“REC”), green hydrogen, and green data centers, underscoring its commitment to remain at the forefront of clean energy practices.
On a quarter-on-quarter (“QoQ”) basis, Solarvest’s revenue and net profit grew by 26.6% and 28.4%, respectively, in 1QFY24. This growth was primarily driven by the higher revenue contribution from LSS4 projects.
