Solarvest delivers all-time high net profit in 3QFY25, jumps 35% to US$3.2 mil

• Reported a 20.5% YoY revenue increase to US$30.6 mil in 3QFY25
• Strong performance driven by progress in Corporate Green Power Programme project

Regional clean energy expert Solarvest Holdings Berhad has announced its third-quarter (3QFY25) and nine-month financial results for the period ended 31 December 2024 (9MFY25). In a statement, the group reported a record nine-month profit after tax and non-controlling interest (net profit) of US$7.1 million (RM31.4 million), reflecting a 28.0% year-on-year (YoY) increase from US$5.5 million (RM24.5 million) in the corresponding period of the previous year (9MFY24).

[RM1 = US$0.22]

Although revenue declined to RM312.0 million in 9MFY25 from RM395.7 million in 9MFY24, the group’s net profit margin improved from 6.2% to 10.1%, driven by higher profitability within its commercial and industrial segment, lower solar panel prices, and electricity sales from its three large-scale solar (LSS4) plants. In 3QFY25, Solarvest recorded its highest quarterly net profit of RM14.4 million, marking a 35.0% YoY increase from RM10.7 million in 3QFY24. The company also reported a 20.5% YoY rise in revenue, reaching RM135.4 million in 3QFY25, up from RM112.4 million in the corresponding quarter of the previous year.

The strong performance was primarily attributed to further progress in the execution of several utility-scale solar projects under the Corporate Green Power Programme, which commenced in the previous quarter.

Solarvest’s engineering, procurement, construction, and commissioning segment remains the group’s primary revenue driver, increasing by 5.6% to RM109.9 million in 3QFY25, compared to RM104.1 million in 3QFY24. This segment accounted for 81.2% of total revenue. Additionally, the group’s solar project development, energy commodities trading, and other green energy solutions segment saw substantial growth, with revenue expanding sixfold to RM16.9 million in 3QFY25 from RM2.5 million in 3QFY24, contributing 12.5% of total revenue.

The electricity sales segment also delivered strong results, generating RM6.1 million, or 4.5% of total revenue, reflecting a 76.7% YoY surge from RM3.4 million in 3QFY24. The operations and maintenance segment contributed RM2.6 million, or 1.9% of total revenue.

Solarvest’s executive director and group CEO, Davis Chong Chun Shiong, stated: “A stronger financial performance is expected in the upcoming quarter as we work towards achieving our target profit gains. We are confident in materialising our order book of RM877 million for the financial years ending 31 March 2025 and 2026, and in converting our expanded tender book, which currently stands at 7.7GWp. As a bidding advisory, we are well-positioned to grow our order book through LSS5 EPCC opportunities and the upcoming LSS5+ bidding round.”

He added: “With the declining cost of Battery Energy Storage Systems (BESS) and a supportive policy landscape, we are poised to capture high-growth market opportunities, such as the recent BESS programme, which is expected to contribute 400 megawatts and 1,600 megawatt-hours of storage capacity. The 14% electricity tariff increase in July and rising business electricity rates further enhance the commercial viability of projects such as the Corporate Renewable Energy Supply Scheme (CRESS), particularly in the second half of 2025.”

“Malaysia’s renewable energy sector is supported by a diverse range of programmes, reflecting 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, and the upcoming Community Renewable Energy Aggregation Mechanism, which aims to optimise rooftop solar potential. Additionally, the ongoing National Energy Transition Roadmap flagship projects will drive further momentum. We look forward to capitalising on key initiatives such as LSS6 in Q2 2025 and the new BESS bidding round in Q3 2025.”

“In terms of asset ownership, our Powervest programme has secured multiple corporate Power Purchase Agreements with a total capacity of 117 megawatt-peak. Upon full completion within the next 12 to 18 months, these agreements are expected to generate RM47.9 million in annual recurring revenue. Alongside LSS4 and LSS5 assets, the expanding Powervest programme will enhance our recurring income stream, providing a stable, long-term revenue base that supports our growth strategy.”

With favourable government initiatives and a strong order book, Solarvest is well-positioned to capture new opportunities and expand its project pipeline. The company is also actively pursuing additional prospects through its tender book, which currently stands at 7.71GWp, reflecting growing demand across both domestic and regional markets. By leveraging its expertise and strategic partnerships, Solarvest aims to strengthen its market presence and drive sustainable growth in the renewable energy sector.