Kuala Lumpur, 20 February 2025 – Regional clean energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”) has today announced its third quarter (“3QFY25”) and nine months financial results for the period ended 31 December 2024 (“9MFY25”).
In 9MFY25, Solarvest achieved a record nine-month profit after tax and non-controlling interest (“net profit”) of RM31.4 million, reflecting a 28.0% year-on-year (“YoY”) growth from RM24.5 million in the prior year’s corresponding period (“9MFY24”). Although revenue stood lower at RM312.0 million in 9MFY25 from RM395.7 million in 9MFY24, the Group net profit margin improved from 6.2% to 10.1%, driven by higher profitability within its commercial and industrial (“C&I”) segment, lower solar panel prices, and electricity sales from the Group’s three large scale solar (“LSS”) 4 plants.
In 3QFY25, Solarvest achieved the highest quarterly net profit for the Group of RM14.4 million, marking a 35.0% YoY climb from RM10.7 million in 3QFY24. Solarvest also reported a 20.5% YoY increase in revenue to RM135.4 million in 3QFY25, up from RM112.4 million in the previous year’s corresponding quarter (“3QFY24”). The strong performance was primarily driven by further progress in the execution of several utility-scale solar projects under the Corporate Green Power Programme (“CGPP”) during the quarter, which commenced in the previous quarter
Solarvest’s engineering, procurement, construction and commissioning (“EPCC”) of solar energy solutions segment remains as the Group’s key revenue driver, rising by 5.6% to RM109.9 million in 3QFY25, compared to RM104.1 million in 3QFY24. This segment accounted for 81.2% of the Group’s total revenue. In addition, Solarvest’s other segment, which encompasses solar project development, energy commodities trading, and other green energy solutions, saw significant growth, with revenue expanding sixfold to RM16.9 million in 3QFY25 from RM2.5 million in 3QFY24, contributing 12.5% of total revenue.
The sale of electricity segment also showed strong performance, generating RM6.1 million or 4.5% of overall revenue, marking a 76.7% YoY surge from RM3.4 million in 3QFY24. The remaining contribution was generated by the operations and maintenance (“O&M”) segment which contributed RM2.6 million or 1.9% of the total revenue.
Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “A stronger financial performance is expected in upcoming quarter in achieving our target profit gains. We are confident in materialising our orderbook of RM877 million1 in financial years ending 31 March 2025 and 2026, and to convert the expanded tenderbook recorded at 7.7GWp2 to date. As a bidding advisory, we are in a strong position to grow our orderbook with the LSS5 EPCC opportunities and the upcoming LSS5+ bidding round.”
“With the declining cost of Battery Energy Storage Systems (“BESS”) and a supportive policy landscape, we are well-positioned to capture opportunities in this high-growth market such as the recent BESS programme which is expected to contribute 400-megawatt (“MW”) and 1,600-megawatt-hour (“MWh”) of storage capacity. The 14% electricity tariff hike in July and rising business electricity rates further enhance the commercial viability for the project like Corporate Renewable Energy Supply Scheme (CRESS) especially in the second half of 2025.”
“Malaysia’s renewable energy sector is supported by a diverse range of programmes, proving the country’s strong demand across all renewable energy segments. These include the expansion of ground-mounted and floating solar under the SelCo programme, CRESS, the upcoming Community Renewable Energy Aggregation Mechanism (“CREAM”) to optimise rooftop potential, and the ongoing National Energy Transition Roadmap (“NETR”) flagship projects. We look forward to capitalising on the growing momentum, including the major initiatives such as LSS6 in Q2 2025, the new BESS bidding round in Q3 2025.”
“Speaking of asset ownership, our Powervest programme has secured multiple corporate Power Purchase Agreements (“PPAs”) with a total capacity of 117 megawatt-peak (“MWp”). Upon full completion within the next 12 to 18 months, these agreements are expected to generate RM47.9 million in annual recurrent revenue. On top of LSS4 and LSS5 assets, the expanding Powervest programme will enhance our recurring income stream and provide a stable, long-term revenue base that supports our growth strategy.”
With these favourable government initiatives and a strong orderbook, the Group is well-positioned to capture new opportunities and expand its project pipeline. Additionally, we are actively pursuing additional prospects through our tenderbook, which currently stands at 7.71 GWp. This robust pipeline reflects growing demand across both domestic and regional markets. By leveraging our expertise and strategic partnerships, we aim to further strengthen our market presence and drive sustainable growth in the renewable energy sector.