Kuala Lumpur, 27 February 2023 – Clean energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”) has today announced its third quarter (“3QFY23”) and nine months financial results for the period ended 31 December 2022 (“9MFY23”).

In 3QFY23, Solarvest registered a revenue of RM101.5 million, representing a 114.0% year-on-year (“YoY”) increase from the RM47.4 million attained in the same quarter last year (“3QFY22”). In tandem with the top-line growth, profit after tax and non-controlling interest (“net profit”) more than doubled to RM5.2 million, as compared to the RM2.0 million recorded in 3QFY22.

Revenue contribution from the engineering, procurement, construction, and commissioning (“EPCC”) of the solar energy solution segment rose by 121.8% YoY to RM100.1 million, constituting 98.6% of the total revenue in 3QFY23. This was mainly attributed to the increase in recognition of the construction progress of large-scale solar (“LSS4”) projects.

The balance of RM1.4 million was derived from operations and maintenance (“O&M”) of solar energy system, sales of electricity through solar energy, and other activities.

In 9MFY23, Solarvest achieved significant growth, as revenue lifted 151.3% to RM252.3 million and net profit soared 354.6% to RM14.5 million. This marks the strongest nine months performance in the Group’s history.

Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “In addition to the consistently strong performance attained in the past three consecutive quarters, we are pleased to announce that Solarvest has achieved financial close for our last LSS4 project, namely the 12 megawatts (“MW”) solar farm in Manjung, Perak. This completes the financial close for all three LSS4 projects, which have a cumulative capacity of 50 MW. We are also expecting an increase in net profit of around RM7.0 million after two of the three LSS4 projects are scheduled to be commissioned by May 2023.”

“The Malaysian Government’s recent announcement to impose a 20 sen/kilowatt-hour (“kWh”) Imbalance Cost Pass-Through mechanism surcharge from the previous 3.7 sen/kWh on medium voltage (“MV”) and high voltage (“HV”) commercial and industrial (“C&I”) users will serve as a positive catalyst for the solar industry. Arising from this, the pace of solar adoption from the C&I sector is expected to accelerate. As for the recent release of the 600 MW quota of solar PV assets under the Corporate Green Power Programme (“CGPP”), we intend to leverage this opportunity to replenish our unbilled order book. Additionally, our current unbilled order book of RM595.0 million is expected to be boosted by the robust job pipeline with a tender book of large-scale power plants and overseas projects of approximately 2.5 gigawatts (“GW”).”

“As we move forward, we are expanding our focus across the clean energy value chain by venturing into other renewable energy and green technological innovations. On top of that, we will continue to explore further geographical expansion opportunities in the Philippines, Taiwan, Vietnam, and Indonesia for renewable assets development and ownership,” Mr. Davis concluded.

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