Kuala Lumpur, 20 August 2025 – Regional clean energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”) has today announced its first quarter financial results for the period ended 30 June 2025 (“1QFY26”).
In 1QFY26, Solarvest’s revenue rose by 89.6% year-on-year (“YoY”) to RM137.7 million, compared to RM72.7 million in the previous year’s corresponding quarter (“1QFY25”). The strong performance was primarily driven by the on-going progress of several utility-scale solar projects under the Corporate Green Power Programme (“CGPP”) during the quarter.
Riding on this momentum, the Group’s gross profit (“GP”) climbed by 70.6% YoY to RM40.5 million, up from RM23.7 million in 1QFY25, translating to a healthy GP margin of 29.4% (1QFY25: 32.6%). Meanwhile, profit after tax and non-controlling interest (“net profit”) more than doubled to RM15.9 million, up from RM7.8 million in 1QFY25, supported by contributions from associates and joint ventures amounting to RM0.7 million. This translates to an expanded net profit margin of 11.5% (1QFY25: 10.8%).
Solarvest’s growth in 1QFY26 was underpinned by a sharp increase in its engineering, procurement, construction, and commissioning (“EPCC”) segment, which more than doubled to RM124.6 million, from RM59.9 million in 1QFY25, accounting for 90.5% of overall revenue. The renewable energy generation division also delivered steady growth with electricity sales growing by 16.5% YoY to RM7.6 million, compared to RM6.6 million in 1QFY25, contributing 5.5% of total revenue.
The operations and maintenance (“O&M”) division generated RM2.8 million, jumped by 77.9% YoY from RM1.6 million in 1QFY25, or 2.0% of overall revenue. Meanwhile, contributions from other activities, comprising solar project developments, environmental commodities trading and other green energy solutions stood at RM2.6 million (1QFY25: RM4.6 million) or 1.9% of total revenue.
On a quarterly basis, Solarvest’s revenue amounted to RM137.7 million in 1QFY26, compared to RM224.9 million in the previous quarter (“4QFY25”). The softer performance was mainly attributed to tapered progress recognition from utility-scale solar projects under the CGPP, following accelerated execution progress recorded in previous quarters, while several new projects are still pending commencement. Correspondingly, net profit eased to RM15.9 million in 1QFY26, from RM20.5 million in 4QFY25.
Executive Director and Group Chief Executive Officer of Solarvest, Dato’ Davis Chong Chun Shiong (拿督张俊雄) said, “We are pleased to report that the Group continues to chart a positive growth trajectory, supported by the timely execution of ongoing projects and healthy pipeline of opportunities. The Group continues to secure more LSS5 EPCC contracts and additional projects in Borneo, which are expected to drive our orderbook to a new high of approximately RM2.0 billion. Furthermore, the anticipated results of the LSS5+ in Q3 2025 could further lift our orderbook to around RM3.0 billion by the end of the financial year. As of 30 June 2025, Solarvest’s unbilled order book remains strong at RM1,182 million, which will be progressively recognised in the financial years ending 31 March 2026 and 2027.”
“Looking ahead, Malaysia’s renewable energy agenda continues to gain strong momentum, with solar energy expected to play pivotal role in achieving the nation’s target of 70% renewable energy mix by 2050. Government-led initiatives such as the 2GW LSS5+ programme and the 400MW / 1,600MWh Battery Energy Storage System (“BESS”) Auction under the MyBeST framework present significant opportunities for Solarvest to further expand our project pipeline. These initiatives not only enhance grid stability and flexibility but also provide new avenues for the Group to reinforce its long-term growth prospects. Reflecting this positive outlook, our tender book currently stands at approximately 8.1 GWp, with active opportunities being pursued across ASEAN.”
On electricity sales, the Group has secured a cumulative capacity of 141MWp from multiple corporate power purchase agreements (“PPA”) under the Powervest Programme, which is expected to generate RM53.8 million in annual recurring revenue upon full completion within the next 12 to 18 months.
“Looking ahead, we anticipate that the expanded scope of the Sales and Service Tax (“SST”) and China’s recent ‘anti-involution’ policy, which may exert some upward pressure on solar module prices. Nonetheless, we expect panel prices to remain competitive at around USD0.10 per watt. The Group will continue to adopt prudent planning and proactive cost management, supported by a robust order book and a visible project pipeline to support and sustain our future growth,” Dato’ Davis concluded.