KUALA LUMPUR: Samaiden Group Bhd's net profit for the second quarter ended Dec 31, 2023 (Q2FY24) rose 22.11 per cent year-on-year` (YoY) to RM3.17 million from RM2.6 million a year ago on the back of higher revenue.
Revenue in the period rose 21.4 per cent YoY to RM48.83 million from RM40.23 million in the corresponding period the previous year attributed to accelerated work progress of ongoing projects.
Year-to-date, the company's net profit was up 21.7 per cent to RM6.13 million versus RM5.04 million while revenue rose to RM94.99 million from RM81 million the previous year.
Group managing director Chow Pui Hee said the revenue growth served as a testament to its strategic alignment with Malaysia's burgeoning renewable energy (RE) sector.
"The government's steadfast initiatives, including the Corporate Green Power Programme, the launch of the fifth large-scale solar programme, and the continuation of the Green Electricity Tariff programme, provide a fertile ground for our future projects and aspirations.
"With the nation's ambitious shift towards a 70 per cent RE mix by 2050, Samaiden is perfectly positioned to play a pivotal role in this green transformation.
"Our recent achievements, bolstered by these supportive policies, underscore our commitment to powering Malaysia's sustainable energy future," she said in a statement.
As at Dec 31 last year, its orderbook stood at RM358.2 million, which is expected to contribute to the company for the next three years.