KUALA LUMPUR: Solarvest Holdings Bhd
expects the outlook for the renewal energy (RE) industry in Malaysia to remain optimistic, underpinned by the government’s aggressive effort to increase its RE capacity to 70% of Malaysia’s total energy mix, with an aspiration to achieve net zero by 2050.
In a filing with Bursa Malaysia, Solarvest said the power sector is expected to increase its RE capacity to 31% by 2025 and 40% in 2035, with solar energy slated to become the dominant RE source in the system.
For the second quarter ended Sept 30, 2024, Solarvest’s net profit rose to RM9.2mil from RM7.18mil in the previous corresponding period, while revenue dipped to RM103.91mil from RM139.90mil in the previous corresponding quarter.
Solarvest said the decrease in revenue was primarily attributed to the completion of all large solar scale 4 projects, which were still actively ongoing in the corresponding quarter of the previous year.
Basic earnings per share in the second quarter of the current financial year stood at 1.31 sen versus 1.08 sen a year earlier.
For the six-months period ended Sept 30, 2024, Solarvest’s net profit grew to RM17.04mil from RM13.88mil in the previous corresponding period, while revenue dropped to RM176.56mil from RM283.29mil a year earlier.
