Solarvest Holdings Berhad has announced its financial results for the third quarter (3QFY25) and the nine-month period ending December 31, 2024 (9MFY25). In 9MFY25, Solarvest recorded its highest-ever nine-month net profit of RM31.4 million, marking a 28% increase from RM24.5 million in the same period last year (9MFY24). Although revenue declined to RM312.0 million from RM395.7 million, the company’s net profit margin improved from 6.2% to 10.1%. This was due to higher profitability in its commercial and industrial (C&I) segment, lower solar panel costs, and electricity sales from its three large-scale solar (LSS) 4 plants.
For 3QFY25, Solarvest posted a record quarterly net profit of RM14.4 million, up 35% from RM10.7 million in 3QFY24. Revenue also rose by 20.5% to RM135.4 million, driven by progress in utility-scale solar projects under the Corporate Green Power Programme (CGPP), which started in the previous quarter (2QFY25). The engineering, procurement, construction, and commissioning (EPCC) segment remained the company’s main revenue contributor, growing by 5.6% to RM109.9 million, making up 81.2% of total revenue. The solar project development and energy trading segment saw significant growth, with revenue surging from RM2.5 million in 3QFY24 to RM16.9 million in 3QFY25, contributing 12.5% of total revenue.
Mr. Davis Chong Chun Shiong (张俊雄), Executive Director and Group Chief Executive Officer of Solarvest, said, “A stronger financial performance is expected in upcoming quarter in achieving our target profit gains. We are confident in materialising our orderbook of RM877 million[1] in financial years ending 31 March 2025 and 2026, and to convert the expanded tenderbook recorded at 7.7GWp[2] to date. As a bidding advisory, we are in a strong position to grow our orderbook with the LSS5 EPCC opportunities and the upcoming LSS5+ bidding round.”
He further added, “With the declining cost of Battery Energy Storage Systems (“BESS”) and a supportive policy landscape, we are well-positioned to capture opportunities in this high-growth market such as the recent BESS programme which is expected to contribute 400-megawatt (“MW”) and 1,600-megawatt-hour (“MWh”) of storage capacity. The 14% electricity tariff hike in July and rising business electricity rates further enhance the commercial viability for the project like Corporate Renewable Energy Supply Scheme (CRESS) especially in the second half of 2025.”
Mr. Davis also mentioned that, “Malaysia’s renewable energy sector is supported by a diverse range of programmes, proving the country’s strong demand across all renewable energy segments. These include the expansion of ground-mounted and floating solar under the SelCo programme, CRESS, the upcoming Community Renewable Energy Aggregation Mechanism (“CREAM”) to optimise rooftop potential, and the ongoing National Energy Transition Roadmap (“NETR”) flagship projects. We look forward to capitalising on the growing momentum, including the major initiatives such as LSS6 in Q2 2025, the new BESS bidding round in Q3 2025.”
He continued saying, “Speaking of asset ownership, our Powervest programme has secured multiple corporate Power Purchase Agreements (“PPAs”) with a total capacity of 117 megawatt-peak (“MWp”). Upon full completion within the next 12 to 18 months, these agreements are expected to generate RM47.9 million in annual recurring revenue. On top of LSS4 and LSS5 assets, the expanding Powervest programme will enhance our recurring income stream and provide a stable, long-term revenue base that supports our growth strategy.”
Electricity sales also performed well, generating RM6.1 million (4.5% of total revenue), a 76.7% increase from RM3.4 million in 3QFY24. The operations and maintenance (O&M) segment contributed RM2.6 million (1.9% of revenue). With strong government support and a growing order book, Solarvest is well-positioned to seize new opportunities and expand its projects. The company is also actively bidding for new contracts, with a tender book of 7.71 GWp, reflecting increasing demand in both domestic and regional markets. By leveraging its expertise and partnerships, Solarvest aims to further strengthen its presence and drive growth in the renewable energy sector.
