Samaiden Group Bhd’s (Samaiden) profit before tax (PBT) rose 20% to RM4.2 million in the second quarter ended 31 December 2023 (Q2 FY2024) from RM3.5 million last year.
“The rise in PBT is in line with the higher revenue and was partially offset by increased professional and stamp duty fees incurred for additional bank facilities.
“For the quarter under review, the group also recorded a revenue of RM48.8 million, marking a 21.4% increase from RM40.2 million in the corresponding quarter last year (Q2 FY2023).
“This growth is primarily attributed to accelerated work progress of ongoing projects,” it said in a statement today.
Year-to-date, the renewable energy (RE) player said it recorded a revenue of RM95 million, compared to RM81 million in the previous year, and a PBT of RM8.2 million, up from RM6.8 million, showcasing the its sustained growth trajectory and effective management strategies.
“The quarter-on-quarter comparison further highlights Samaiden’s consistent performance with revenue and PBT increasing from RM46.2 million and RM3.9 million, respectively, in the immediate preceding quarter (Q1 FY2024).
Samaiden group managing director Chow Pui Hee said the encouraging revenue growth to RM48.8 million in Q2 FY2024 is a testament to our strategic alignment with Malaysia’s burgeoning renewable energy sector.
“The government’s initiatives, including the Corporate Green Power Programme (CGPP), the launch of the fifth large-scale solar (LSS) programme, and the continuation of the Green Electricity Tariff (GET) programme, are opportunities for our future projects and aspirations.
“With the nation’s ambitious shift towards a 70% RE mix by 2050, Samaiden is perfectly positioned to play a pivotal role in this green transformation.
“Our recent achievements, bolstered by these supportive policies, underscore our commitment to powering Malaysia’s sustainable energy future,” Chow added.
Looking into the future, the group’s strategic positioning is further reinforced by Malaysia’s comprehensive RE initiatives and a strong emphasis on environmental, social, and governance (ESG) principles including the introduction of the ESG Reporting Platform by Bursa Malaysia.
As at 31 December 2023, the total orderbook of Samaiden stood at RM358.2 million, which is expected to contribute positively to the group for the next three years.
