Solarvest first-quarter financial results improve

PETALING JAYA: Solarvest Holdings Bhd is optimistic about the renewable energy (RE) industry in Malaysia, underpinned by the government’s aggressive efforts to increase its RE capacity to 70% of the country’s total energy mix with an aspiration to achieve net-zero by 2050.

For its first quarter ended June 30, 2023, Solarvest’s net profit rose to RM6.7mil from RM4.28mil in the previous corresponding period, while revenue in the quarter improved to RM143.39mil from RM52.66mil a year earlier.

Basic earnings per share was at one sen versus 0.64 sen previously.

In a filing with Bursa Malaysia, Solarvest said the increase in revenue and pre-tax profit was mainly contributed by the higher revenue contribution from higher progress of large-scale solar projects, as compared to the preceding year.

Separately, in a statement, Solarvest executive director and group chief executive officer Davis Chong Chun Shiong said the company remained committed to advancing across the value chain as a clean energy developer and to further grow its asset ownership portfolio.

“Looking ahead, we maintain a positive outlook as we advance our market expansion strategy in tapping into new sources of overseas income.

“In addition to the secured projects totaling 23.5 megawatt-peak, our group’s tender book currently stands at 2.2 gigawatt-peak, spanning a geographical footprint that encompasses Taiwan, the Philippines, Vietnam, Indonesia, Thailand and Singapore.

“The contributions from our overseas tender book are set to take effect in the financial year 2025.

“This will further solidify our market positioning in both domestic and international markets,” he said.

Additionally, the group’s low-carbon mobility, Powerbee, is making substantial headway with a goal to deploy 10,000 electric vehicle charger installations by 2030.