Kuala Lumpur, 22 August 2023 – Clean Energy expert, Solarvest Holdings Berhad (“Solarvest” or the “Group”) has today announced its first quarter financial results for the period ended 30 June 2023 (“1QFY24”).

Revenue came in at RM143.4 million for the quarter, marking a 172.3% surge from RM52.7 million recorded in the preceding year’s quarter ended 30 June 2022 (“1QFY23”). In tandem with the top-line growth, profit after tax and non-controlling interest (“net profit”) improved 56.5% year-on-year (“YoY”) to RM6.7 million from RM4.3 million previously. Notably, this stands as the strongest quarterly performance in the Group’s history.

Executive Director and Group Chief Executive Officer of Solarvest, Mr. Davis Chong Chun Shiong (张俊雄) said, “We are delighted to deliver another set of record-breaking performance, setting a strong start for the new financial year. Fueled by the continued support from our partners and valued customers, we remain committed to advancing across the value chain as a clean energy developer and further grow our asset ownership portfolio.”

“We are pleased that all three of our LSS4 assets totaling 67.3 MWp are on track for commissioning by FY24, positioning the Group to generate annual electricity sales of RM9.0 million in net profit for 25 years upon commissioning. Additionally, recent developments on the Corporate Green Power Programme (“CGPP”) also bode well for us. Our Group have project opportunities amounting to 250 MWp through CGPP, of which approximately 50 MWp is under full ownership by Solarvest. With scheduled commissioning in 2025 and 21-year power purchase agreements (“PPA”), our CGPP solar plants will further contribute to our recurring income in the long run. Notably, our current unbilled order book of RM457.0 million is also expected to be further bolstered by the EPCC projects under the CGPP framework.”

“Furthermore, under our financing programme for commercial and industrial users known as Powervest, we have clinched multiple corporate PPAs with a cumulative capacity of 83.6MWp. This is projected to add annual recurring revenue of RM37.0 million upon full completion within the next 12 to 18 months.”

“Looking ahead, we maintain a positive outlook as we advance our market expansion strategy in tapping into new sources of overseas income. In addition to the secured projects totaling 23.5 MWp, our Group’s tender book currently stands at 2.2 gigawatt-peak (“GWp”), spanning a geographical footprint that encompasses Taiwan, the Philippines, Vietnam, Indonesia, Thailand, and Singapore. The contributions from our overseas tender book are set to take effect in FY25, further solidifying our market positioning in both domestic and international markets.”

Additionally, the Group’s low-carbon mobility, Powerbee, is making substantial headway with a goal to deploy 10,000 EV charger installations by 2030. Recently, the Group also signed a Memorandum of Understanding (“MoU”) with Singapore partners in advancing energy storage system (“ESS”) development in Solar Energy systems. In parallel, Solarvest is venturing into new sustainable solutions including energy efficiency (“EE”), renewable energy certificates (“REC”), green hydrogen, and green data centers, underscoring its commitment to remain at the forefront of clean energy practices.

Moving forward, the recent unveiling of the National Energy Transition Roadmap (“NETR”) by the Malaysian Government opens new avenues for growth and expansion within the renewable energy (“RE”) sector. Coupled with the lift of the RE export ban, this presents exciting opportunities to leverage the strong RE demand in neighboring countries, particularly Singapore.

On a quarter-on-quarter (“QoQ”) basis, Solarvest’s revenue and net profit grew by 26.6% and 28.4%, respectively, in 1QFY24. This growth was primarily driven by the higher revenue contribution from LSS4 projects.

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