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Powerwell Holdings Bhd aims to diversify into renewable energy in the coming 1-2 years said Datuk Adam Yee Hee Hoon, Deputy Managing Director.
Yee stated that there were many opportunities, particularly with Malaysia being one of the most ESG-driven countries in the world. This allows businesses like Powerwell the opportunity to explore new areas and take on innovative projects.
Southeast Asia is an important area for implementing renewable energy solutions, as the region’s demand for electricity is expected to double that of the global average over the next few years.
In a recent interview, he stated that Malaysia’s installed capacity for renewable energy will increase by more than 30%, from 36 GW in 2020 to 47 GW in 2030. Most of this growth is due to solar power plants.
Powerwell is a specialist in the design, manufacture and trading of electricity distribution equipment. With over 30 years of experience in supplying products to local and international projects, Powerwell has a lot of knowledge.
The Mass Rapid Transit Sungai Buloh–Kajang Line is one of the most important projects the company is involved with.
Yee also stated that the reformation and subsequent release of the Malaysia Electricity Supply Industry 2.0 programme were gradually driving the liberalization of the power market, opening up new opportunities for competition and investment.
The programme will see Malaysia increase its renewable capacity by more than twice, from 6 GW to 14 GW (18% to 30 % of its generation mix).Yee stated that the company was still actively bidding on projects.
We usually bid for projects within RM 100 million. He said that the projects we will be focusing upon our infrastructure and commercial building, data centres, industrial buildings projects, such as electronic, semiconductors, pharmaceuticals industries, and others.
Yee stated that the company’s order book replenishment was at RM135million as of August 31st, 2022. He said, “As a comparison, the replenishment orders book for FY21 was RM96million and RM125million respectively.”
Yee is positive about the company’s future prospects after reporting positive earnings in two consecutive quarters. Powerwell recorded a net profit in the first quarter ending June 30, 2022, compared to the loss of RM382,000 in the same quarter last.
The company’s revenue increased by 59.8% to RM23.81million, from RM14.89 million in the previous quarter.
“Earnings visibility will ensure those good earnings are achieved for at least the medium-term. We have been able to increase our annual replenishment order books. Yee stated that this will help to sustain our group and increase our earnings.