Solarvest Holdings Berhad has reported strong financial results for the first quarter of the financial year ending 30 June 2025 (1QFY26). The Group recorded revenue of RM137.7 million, representing an 89.6 percent increase compared to RM72.7 million in the same period last year (1QFY25). This growth was largely driven by steady progress on several utility-scale solar projects under the Corporate Green Power Programme (CGPP).
Gross profit rose by 70.6 percent year-on-year to RM40.5 million, compared to RM23.7 million in 1QFY25, reflecting a gross profit margin of 29.4 percent. Net profit after tax and non-controlling interests more than doubled to RM15.9 million, compared to RM7.8 million in the previous year, with support from contributions by associates and joint ventures amounting to RM0.7 million. The Group’s net profit margin also improved slightly to 11.5 percent from 10.8 percent a year earlier.
The positive performance was mainly underpinned by the strong expansion of Solarvest’s engineering, procurement, construction, and commissioning (EPCC) business. Revenue from this segment more than doubled to RM124.6 million in 1QFY26 from RM59.9 million in 1QFY25, accounting for 90.5 percent of total revenue. The renewable energy generation business contributed RM7.6 million, up 16.5 percent from RM6.6 million last year, representing 5.5 percent of revenue.
The operations and maintenance (O&M) division also recorded healthy growth, generating RM2.8 million, a 77.9 percent increase from RM1.6 million in 1QFY25, or 2 percent of revenue. Contributions from other activities—including solar project development, environmental commodities trading, and green energy solutions—stood at RM2.6 million, compared to RM4.6 million in the previous year, representing 1.9 percent of revenue.
Executive Director and Group Chief Executive Officer of Solarvest, Dato’ Davis Chong Chun Shiong, said in a statement, “We are pleased to report that the Group continues to chart a positive growth trajectory, supported by the timely execution of ongoing projects and a healthy pipeline of opportunities. The Group continues to secure more LSS5 EPCC contracts and additional projects in Borneo, which are expected to drive our orderbook to a new high of approximately RM2.0 billion. Furthermore, the anticipated results of the LSS5+ in Q3 2025 could further lift our orderbook to around RM3.0 billion by the end of the financial year. As of 30 June 2025, Solarvest’s unbilled order book remains strong at RM1,182 million, which will be progressively recognised in the financial years ending 31 March 2026 and 2027.”
He further added, “Looking ahead, Malaysia’s renewable energy agenda continues to gain strong momentum, with solar energy expected to play pivotal role in achieving the nation’s target of 70% renewable energy mix by 2050. Government-led initiatives such as the 2GW LSS5+ programme and the 400MW / 1,600MWh Battery Energy Storage System (“BESS”) Auction under the MyBeST framework present significant opportunities for Solarvest to further expand its project pipeline. These initiatives not only enhance grid stability and flexibility but also provide new avenues for the Group to reinforce its long-term growth prospects. Reflecting this positive outlook, our tender book currently stands at approximately 8.1 GWp, with active opportunities being pursued across ASEAN.”
Dato’ Davis concluded saying, “Looking ahead, we anticipate the expanded scope of the Sales and Service Tax (“SST”) and China’s recent ‘anti-involution’ policy, which may exert some upward pressure on solar module prices. Nonetheless, we expect panel prices to remain competitive at around USD0.10 per watt. The Group will continue to adopt prudent planning and proactive cost management, supported by a robust order book and a visible project pipeline to support and sustain our future growth,”
On a quarter-to-quarter basis, Solarvest’s performance softened, with revenue of RM137.7 million in 1QFY26 compared to RM224.9 million in the previous quarter (4QFY25). Net profit also declined to RM15.9 million from RM20.5 million. The lower figures were attributed to slower progress recognition from CGPP projects after accelerated execution in earlier quarters, alongside delays in the commencement of new projects.
In addition, Solarvest has secured a total capacity of 141 MWp through corporate power purchase agreements under its Powervest Programme. Once completed over the next 12 to 18 months, these projects are expected to generate RM53.8 million in recurring annual revenue from electricity sales, providing a strong foundation for future growth.
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