Solarvest Records Five-flod Increase in Net Profit to RM 5.0 Million in 2Q FY23

Solarvest Holdings Berhad (Solarvest), one of the leading clean energy company in Malaysia has today announced its second quarter (2QFY23) and six months financial results for the period ended 30 September 2022 (1HFY23)

In 2QFY23, Solarvest registered a strong profit after tax and non-controlling interest (net profit) of RM5.0 million, compared to RM1.0 million attained in the same quarter last year (2QFY22). This was on the back of RM98.2 million in revenue for the quarter under review, representing a 224.8% year-on-year increase from the RM30.2 million in 2QFY22.

The improvement was driven by the recovery of construction activities along with the country’s transition to the endemic stage. With that, the Group’s anchor revenue contributor of engineering, procurement, construction, and commissioning (EPC) of solar energy solution segment has recorded a commendable growth of 112.8% YoY to RM96.0 million, representing 97.9% of the total revenue in 2QFY23. The balance of RM2.1 million was derived from operations and maintenance of solar energy system, sales of electricity through solar energy, and other activities.

For the 1HFY23 period, Solarvest’s revenue stood at RM150.8 million while its net profit was at RM9.3 million.

Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong said, “We are pleased to prevail over the challenging landscape in FY2022 and delivered a continuously strong performance in the past two quarters. Supplemented by the softening cost pressures with stabilizing solar-related material prices, the 4-year power purchase agreements extension for all three of our assets awarded under the Large Scale Solar scheme will also increase the internal rate of return. As we target to complete two of the projects by March 2023, revenue contribution from electricity sales is expected to subsequently increase.”

“Looking ahead, we will work hard to capitalise on the 600 MW solar photovoltaic assets quota release under the Corporate Green Power Programme. From there, we are hopeful of replenishing and even boosting our current unbilled order book of RM662 million further.”

“Moving forward, we are progressing across the clean energy value chain by venturing into green technological innovations and other renewable energy sources. We believe our further development in offering holistic renewable energy and low-carbon solutions will act as an important pillar in solidifying our foothold as a regenerative clean energy expert,” Mr. Davis concluded.