KUALA LUMPUR: Clean energy expert Solarvest Holdings Bhd's net profit surged to RM10.65 million in the third quarter ended Dec 31, 2024 (3QFY24) from RM 5.20 million in the similar quarter a year ago.
This was mainly due to favourable solar panel price trend and increased xommercial and industrial projects and asset development.
Its revenue rose to RM112.40 million from RM101.51 million registered a year earlier.
For the nine-month period, Solarvest's revenue jumped 56.8 per cent YoY to RM395.7 million against RM252.3 million from the previous year's corresponding period.
Engineering, procurement, xonstruction and commissioning (EPCC) segment remains the company's main revenue contributor with RM101.4 million.
Solarvest executive director and group chief executive Davis Chong Chun Shiong said its EPCC unbilled order book remained healthy at RM242.0 million, constantly replenished by the commercial and industrial and residential rooftop segment.
"Also, we begin to see the addition of corporate green power programme (CGPP) EPCC project opportunities into our orderbook in 4QFY24.
"We are poised to capitalise on the CGPP capacity of 443.4 MWp, yielding us with more than RM1 billion in potential revenue,"
"This is on top of the exciting new opportunities arising from the Malaysian government's announcement of 2.8 gigawatt renewable energy quota," he said in a statement today.
Apart from EPCC contracts, the full operation of the group's three LSS4 assets will generate long-term, stable recurring earnings of RM9 million in net profit annually through electricity sales over the next 25 years.
On asset development, Solarvest has clinched multiple corporate power purchase agreements (PPAs) with a cumulative capacity of 116 MWp through its financing programme, Powervest.
These PPAs are projected to generate around RM41.0 million in additional annual recurring revenue upon full project completion within the next 12 to 18 months.
Solarvest said its prospects remain exciting, fueled by the 2.0 GW cross border trading with Singapore and development of a 2.5 GW hybrid hydro-floating solar PV system under the National Energy Transition Roadmap.
This adds to Solarvest's growing tenderbook, which currently stands at a combined 4.6 GWp of projects, with 2.8 GWp in Malaysia and 1.7 GWp overseas.