Solarvest Posts Record-Breaking Financial Results: Net Profit Surged 185.5% To RM19.7 Million In FY23

Representational image. Credit: Canva

Clean energy expert, Solarvest Holdings Berhad has announced its fourth quarter (4QFY23) and twelve months financial results for the period ended 31 March 2023 (FY23).


FY23 marks the strongest financial year in the Group’s history, with revenue increasing by 107.9% year-on-year (YoY) to RM365.5 million from the RM175.8 million attained in the last financial year (FY22). In tandem with the top-line growth, profit after tax and non-controlling interest (net profit) soared to RM19.7 million, indicating a 185.5% growth from RM6.9 million recorded in FY22.

Revenue from the engineering, procurement, construction, and commissioning (EPCC) of the solar energy solution segment doubled to RM355.7 million in FY23, constituting 97.3% of the quarter’s revenue. This was mainly attributable to the increase in recognition of the construction progress of large-scale solar (LSS4) projects. The remaining 2.7% or RM9.9 million was derived from operations and maintenance (O&M) of solar energy systems, sales of electricity through solar energy, and other activities.


In FY23, Solarvest made notable progress in executing its 5-Year Strategic Roadmap. The Group embarked on geographical expansion into Taiwan, as well as key markets in the ASEAN region including the Philippines, Vietnam, Singapore, and Thailand to acquire new sources of overseas income. In addition to the secured projects totalling approximately 10 megawatt-peak (MWp), Solarvest’s overseas project pipeline remains strong as backed by a tender book of 720.0 megawatts (MW).

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Expanding its green solutions portfolio, Solarvest introduced PowerBee, an electric vehicle (EV) charging and mobility solution. A joint venture (JV) is then established to provide digital solutions for the online booking of EV charging facilities and the digitalisation of property management systems for clean-enabled properties. With the JV, Powerbee targets to implement 10,000 charger installations by 2030 in the Malaysian market. The Group is also planning to expand Powerbee’s geographical footprints into overseas markets.

On Solarvest’s quarterly performance, the Group’s revenue increased 46.4% YoY to RM113.2 million and net profit rose 40.4% to RM5.2 million in 4QFY23.

Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong said, “We are delighted to report that Solarvest has delivered exceptional financial results in FY23, achieving record revenue and earnings growth. The positive momentum is complemented by the gradual decline in solar panel costs, which is expected to improve the internal rate of return of our solar projects.”

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“Moving forward, we are progressing as a clean energy developer in building and operating solar power systems for our commercial and industrial (C&I) customers. Solarvest’s job pipeline remains robust, as we have secured a cumulative capacity of 74.5 MW across domestic and overseas projects from multiple corporate power purchase agreements (PPAs) under our financing programme, Powervest. Upon their completion within the next 12 to 18 months, we are projecting a recurring revenue of RM32.7 million annually. In addition to that, our current unbilled order book of RM550.0 million is expected to be further bolstered by our submission of 467 MWp of solar PV assets under the 800-MW Corporate Green Power Programme (CGPP) quota.”

“In terms of asset ownership, we are pleased that all three of our large-scale solar (LSS4) assets amounting to 50.0 MW are on track for commissioning in the upcoming financial year. Two of the assets with a cumulative capacity of 38.0 MW are to be commissioned by the end of June 2023, with the remaining 12.0 MW by September 2023. This positions the Group to generate annual electricity sales of RM9.0 million in net profit for 25 years upon commissioning.”

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“Looking ahead, we are excited about the recent developments in the clean energy industry. The lift of the renewable energy (RE) export ban by the Malaysian government, coupled with the new national RE generation target of 70% by 2050, opens new avenues for growth and expansion. The move enables RE players in Malaysia to leverage the strong demand in neighboring regions, notably Singapore. Hence, we are looking forward to venturing into new sustainable solutions and engaging in cross-border electricity trading to capitalize on the ongoing shift towards sustainable energy,” Mr Davis added.

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