Northern Solar Holdings Bhd made a stable start to FY27, with first-quarter revenue rising 36.1% year-on-year to RM38.2 million, its highest quarterly revenue since listing in February 2025, while profit after tax (PAT) edged up to RM4 million.
The increase in revenue from RM28 million a year earlier was driven mainly by stronger progress billings and revenue recognition from the group’s solar photovoltaic EPCC activities.
EPCC revenue rose 36.6% to RM37.4 million from RM27.4 million, accounting for about 98.1% of total group revenue during the quarter.
Gross profit stood at RM10.5 million compared to RM10.8 million a year earlier, while gross margin moderated to 27.4% from 38.4% due to a project mix weighted towards larger contracts carrying lower percentage margins.
PAT improved to RM4 million from RM3.8 million, while PATAMI stood at RM3.97 million.
Managing Director Lew Shoong Kai said the first-quarter performance reflected a higher volume of project execution, with the group remaining focused on disciplined execution and protecting absolute returns.
Northern Solar ended June with cash and bank balances of RM44.5 million against borrowings of RM9.6 million, giving it a gearing ratio of 0.11 times.
The group said it will continue pursuing new EPCC contracts, renewable energy assets and opportunities across commercial and industrial solar, Solar ATAP, battery energy storage systems and utility-scale projects.
Meanwhile, Lew revealed that Northern Solar has received approval from the Securities Commission Malaysia for its proposed transfer from Bursa Malaysia’s ACE Market to the Main Market.
