Samaiden Group Berhad’s (Samaiden) profit before taxation (PBT) for the first quarter of FY2024 (Q1 FY2024) stood at RM3.95 million, registering a 20.43% increase from RM3.28 million in the same period last year.
In a statement, the group said this is at the back of revenue of RM46.16 million, a notable 13.22% increase compared to RM40.77 million in the corresponding quarter of the previous year.
“The positive surge (in earnings) can be attributed to heightened work progress on ongoing projects, underscoring the group’s operational efficiency and market agility while the growth in PBT aligns with the increase in revenue,” it said today (Nov 28).
The renewable energy specialist said the quarter-on-quarter analysis shows a marginal surge by 0.76% from RM3.92 million in the immediate preceding quarter, alongside increase in revenue of 2.03% from RM45.24 million.
Meanwhile, Samaiden has also achieved remarkable success in the Corporate Green Power Programme (CGPP), securing a solo CGPP award with an export capacity of 13.42 megawatts (MWac).
Additionally, in a strategic consortium with Premier Supreme Sdn Bhd, Samaiden successfully won another CGPP project, bringing in an impressive 29.90 MWac.
“Together, these achievements align Samaiden with Malaysia’s national goals of expanding renewable energy resources and reducing carbon emissions. It also set the stage for continued growth and innovation in the realm of renewable energy,” it added.
Its group managing director Ir, Chow Pui Hee said that th group’s Q1 FY2024 results not only demonstrate our robust performance but also signal the strength of our strategic approach in the renewable energy sector.
“The success in the CGPP marks a significant milestone for us, reinforcing our position as a key player in sustainable energy. With the government’s initiative such as National Energy Transition Roadmap (NETR), we are more confident than ever in our ability to drive innovative and impactful sustainable energy solutions across the region,” she said.
The group said Kenanga Research had revised Samaiden’s target price to RM1.80 from RM1.67 on 10 November 2023.
Moving forward, Samaiden said it is optimally positioned to benefit from the government’s supportive policies and initiatives on sustainability.
Samaiden’s total outstanding orderbook, valued at RM350.7 million as of 30 September 2023, is expected to make a positive contribution to the group’s revenue and profit over the next three years.
