Sun continues to shine bright on Solarvest’s prospects

The company's third-quarter net profit increased 105% year-on-year to RM10.7mil.

PETALING JAYA: Solarvest Holdings Bhd’s prospects will continue to be fuelled by the two gigawatts (GW) worth of cross-border trading with Singapore and development of a 2.5 GW hybrid hydro-floating solar photovoltaic system under the National Energy Transition Roadmap.

The group said this will add to its growing tender book, which currently stands at a combined 4.6 gigawatt peak (GWp) of projects, with 2.8 GWp located in Malaysia and 1.7 GWp overseas.

For the third quarter ended Dec 31, 2023 (3Q24), the regional clean-energy company registered 105% growth year-on-year (y-o-y) in its net profit to RM10.7mil, translating to earnings per share of 1.59 sen. Its revenue rose by 10.7% y-o-y to RM112.4mil.

In a statement, the group said the improved net profit and margins are due to a favourable solar-panel price trend and increased commercial and industrial projects and asset development, which typically carry higher margins.

For the nine months ended Dec 31, 2023, Solarvest’s net profit surged by 69% y-o-y to RM24.5mil, while revenue was up by 57% to RM395.7mil.

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