Kuala Lumpur, 21 May 2025 – Regional clean energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”) has today announced its fourth quarter (“4QFY25”) and twelve months financial results for the period ended 31 March 2025 (“FY25”).
FY25 marks Solarvest’s third consecutive record-breaking year, achieving RM536.8 million revenue growth with an 8.0% year-on-year (“YoY”) increase from RM497.0 million in the previous financial year (“FY24”). Meanwhile, the Group’s gross profit (“GP”) jumped 50.8% YoY to RM149.5 million (FY24: RM99.2 million), recording an expanded GP margin of 27.9%, from 20.0% in FY24. In addition, its profit after tax and non-controlling interest (“net profit”) recorded a stronger growth momentum, surging 59.2% YoY to RM51.9 million in FY25 from RM32.6 million in FY24. The strong growth trend features a consistent uptrend in net profit margin of 9.7% in FY25, compared to 6.6% in FY24 and 5.4% in FY23. This was primarily driven by higher profitability within its commercial and industrial (“C&I”) segment, lower solar panel prices, higher contributions from the utility-scale solar (“LSS”) segment, and electricity sales from the Group’s three LSS4 plants.
The engineering, procurement, construction, and commissioning (“EPCC”) segment remained the Group’s key revenue driver, generating RM459.5 million or 85.6% of total revenue in FY25, compared to RM454.0 million in FY24. Meanwhile, the Group’s sales of electricity business experienced significant expansion, more than doubling its revenue to RM26.4 million or 4.9% of overall revenue in FY25, from RM12.1 million in FY24.
Solarvest’s other business activities, which include solar project development, energy commodities trading, and other green energy solutions, also recorded strong growth, rising 74.6% YoY to RM41.7 million or 7.8% of revenue, compared to RM23.9 million in the previous year. The operations and maintenance (“O&M”) division accounted for the remaining revenue, recording a 33.4% YoY increase to RM9.3 million in FY25, representing 1.7% of total revenue, up from RM7.0 million in FY24.
During the quarter under review, Solarvest’s revenue surged twofold to RM224.9 million, compared to RM96.9 million in the previous year’s corresponding quarter (“4QFY24”), driven primarily by the active execution of several utility-scale projects under the Corporate Green Power Programme (“CGPP”). In tandem with a higher revenue base, the Group’s net profit grew by 165.7% YoY to RM20.5 million in 4QFY25, up from RM7.7 million in 4QFY24.
Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “We are proud to deliver another year of strong financial performance, reinforcing our position as a leading player in the renewable energy sector. However, this is just the beginning, we are confident to reach more than RM2 billion orderbook in FY26, supported by additional LSS5 contracts, anticipated LSS5+ award, as well as active participation in BESS and upcoming LSS6 tenders in Q2 and Q3 of this calendar year. In light of the potential rise in Malaysia’s electricity tariffs in July, we also foresee improved project feasibility under the Corporate Renewable Energy Supply Scheme (“CRESS”). This creates compelling opportunities for Solarvest to scale beyond our RM2 billion orderbook target.”
“The key drivers of our revenue growth include ongoing EPCC projects under the CGPP and LSS5 programmes. Beyond utility scale projects, C&I segment is also expected to remain strong, with approximately RM200 million in annual replenishments.”
As of 31 March 2025, the Group’s unbilled order book stood at RM1,242 million, which will be progressively recognised in the financial years ending 31 March 2026 and 2027. The Group also remains focused on expanding its tenderbook, which currently stands at 7.19 GWp, ensuring continued growth through upcoming opportunities and maintaining positive momentum.
Solarvest is looking forward to the development of the Community Renewable Energy Aggregation Mechanism (“CREAM”) which are poised to unlock new growth catalysts for the RE industry. CREAM enables energy companies to source electricity from rooftop solar panels and sell it to both commercial and residential consumers.
Additionally, Solarvest is well-positioned to leverage its experience as an asset owner, with a solar asset portfolio developed under LSS4, CGPP, and LSS5. The Group’s innovative financial solution, Powervest Programme, has also secured a cumulative capacity of 129 MWp through multiple corporate PPAs, expected to generate RM50.8 million in annual recurring revenue upon full completion within 12 to 18 months.
“While we remain cognisant of the ongoing US tariff developments, we do not foresee any material impact as we operate downstream and maintain a very strong project pipeline. Regarding solar panel supplies, we remain unaffected as we source panels directly from China. Cost-wise, we expect solar panel prices to remain stable due to the prevailing supply-demand imbalance and market oversupply,” Mr. Davis concluded.