KUALA LUMPUR: Regional clean energy leader, Solarvest Holdings Berhad (“Solarvest” or the “Group”), has announced its financial results for the third quarter (“3QFY25”) and nine months ended 31 December 2024 (“9MFY25”), achieving record-breaking profitability despite a lower revenue base.
In 9MFY25, Solarvest reported a net profit of RM31.4 million, reflecting a 28.0% year-on-year (YoY) growth from RM24.5 million in 9MFY24. Despite a lower revenue of RM312.0 million compared to RM395.7 million in the previous year, the Group’s net profit margin improved significantly from 6.2% to 10.1%, driven by higher profitability in the Commercial & Industrial (C&I) segment, lower solar panel prices, and electricity sales from three Large-Scale Solar (LSS) 4 plants.
In 3QFY25, Solarvest achieved its highest-ever quarterly net profit of RM14.4 million, marking a 35.0% YoY increase from RM10.7 million in 3QFY24. Revenue also grew 20.5% YoY to RM135.4 million, up from RM112.4 million, primarily driven by progress in executing utility-scale solar projects under the Corporate Green Power Programme (CGPP), which began in the previous quarter.
The Group’s Engineering, Procurement, Construction & Commissioning (EPCC) of solar energy solutions remained its core revenue driver, contributing 81.2% of total revenue, with a 5.6% YoY increase to RM109.9 million. Meanwhile, its solar project development, energy commodities trading, and green energy solutions segment saw remarkable growth, with revenue expanding sixfold to RM16.9 million, accounting for 12.5% of total revenue. The electricity sales segment also performed strongly, generating RM6.1 million, a 76.7% YoY surge, while the Operations & Maintenance (O&M) segment contributed RM2.6 million or 1.9% of total revenue.
Solarvest’s Executive Director and Group Chief Executive Officer, Davis Chong Chun Shiong (张俊雄), expressed confidence in the Group’s growth trajectory, stating that stronger financial performance is expected in the upcoming quarter as they work toward their profit targets. The Group is optimistic about converting its RM877 million orderbook for FY25 and FY26 and capitalizing on its 7.7GWp tenderbook. Solarvest is also actively pursuing LSS5 EPCC opportunities and the upcoming LSS5+ bidding round, reinforcing its position in Malaysia’s clean energy landscape.
With the declining cost of Battery Energy Storage Systems (BESS) and a supportive policy landscape, Solarvest is well-positioned to capture opportunities in this high-growth market, particularly through the recent BESS program, which is expected to contribute 400MW and 1,600MWh of storage capacity. The 14% electricity tariff hike in July 2024 and rising business electricity rates further enhance the commercial viability of projects like the Corporate Renewable Energy Supply Scheme (CRESS), particularly in the second half of 2025.
Malaysia’s renewable energy sector is rapidly expanding, supported by diverse government initiatives such as the SelCo programme, CRESS, the Community Renewable Energy Aggregation Mechanism (CREAM) to optimize rooftop solar potential, and the National Energy Transition Roadmap (NETR) flagship projects. Looking ahead, Solarvest aims to capitalize on these initiatives, including LSS6 in Q2 2025 and a new BESS bidding round in Q3 2025.
Additionally, Solarvest’s Powervest programme has secured multiple corporate Power Purchase Agreements (PPAs) with a total capacity of 117MWp. Upon full completion within the next 12 to 18 months, these agreements are expected to generate RM47.9 million in annual recurring revenue, enhancing the Group’s long-term financial stability. Beyond LSS4 and LSS5 assets, the growing Powervest programme will further strengthen Solarvest’s recurring income stream and reinforce its strategic growth strategy.
With favorable government policies, a strong orderbook, and an expanding pipeline of renewable energy projects, Solarvest is well-positioned to capture new opportunities both domestically and regionally. By leveraging its expertise and strategic partnerships, the Group aims to drive sustainable growth in the renewable energy sector and solidify its leadership in the clean energy space.
