Solarvest first-quarter financial results improve

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.

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.