PETALING JAYA: Clean energy expert Solarvest Holdings Bhd today announced that revenue for its first quarter ended June 30 (Q1’24) came in at RM143.4 million, a 172.3% surge from RM52.7 million recorded in the preceding year’s same quarter.
In tandem with the top-line growth, net profit improved 56.5% year-on-year to RM6.7 million from RM4.3 million previously. This is the strongest quarterly performance in the group’s history.
Revenue from the engineering, procurement, construction, and commissioning (EPCC) of the solar energy solution segment soared by 176.8% to RM140.7 million in Q1’24, constituting 98.1% of revenue. The growth was attributed to increased recognition from higher construction progress of large-scale solar projects (LSS4).
The remaining 1.9% or RM2.7 million was derived from operations and maintenance of solar energy systems, sale of electricity through solar energy and other activities.
Executive director and group CEO Davis Chong Chun Shion said that all three of Solarvest’s LSS4 assets totalling 67.3 MWp are on track for commissioning by FY24, positioning the group to generate annual electricity sales of RM9 million in net profit for 25 years upon commissioning.
“Our group has project opportunities amounting to 250 MWp through CGPP, of which approximately 50 MWp is under full ownership by Solarvest.
“With the commissioning scheduled in 2025 and 21-year power purchase agreements, 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,” he added.
Looking ahead, Chong said Solarvest maintains a positive outlook as it advances its market expansion strategy in tapping into new sources of overseas income.