Samaiden reports almost 4-fold profit jump in 3Q

Samaiden group managing director Chow Pui Hee

KUALA LUMPUR: Samaiden Group Bhd’s net profit jumped almost four-fold to RM4.19mil in the third quarter ended March 31 (3Q) compared with RM1.07mil posted last year.

The renewable energy (RE) specialist's revenue surged to RM43.8mil in the third quarter from RM9.03mil a year ago.

For the nine-month period ended March 31, Samaiden posted a net profit of RM8.52mil, up 104% from RM4.17mil a year earlier, while revenue increased 243.07% to RM97.04mil compared with RM28.28mil last year.

Group managing director Chow Pui Hee said, "We continue to see lots of interest in RE given the government's push to reduce carbon dioxide emissions under the fourth cycle of the large-scale solar programme (LSS4).”

“This has been encouraging for us in terms of our financial performance as we have secured approximately RM300mil in EPCC contracts under the fourth cycle LSS scheme, net energy metering and self consumption scheme since the start of FY2022,” she said.

The group currently has an outstanding orderbook of RM410mil.

"We are cautiously optimistic that Samaiden’s financial performance for the rest of FY22 will be satisfactory as the pipeline of RE projects will increase due to the government's drive for more environmentally friendly and greener sources of energy,” Chow said.