PETALING JAYA: Solarvest Holdings Bhd
is optimistic of a satisfactory year as it earnings doubled year-on-year on the back of higher revenue in the first quarter of its current financial year (1Q26).
In a filing with Bursa Malaysia, the clean energy company said the strong performance was primarily driven by the ongoing execution of several utility-scale solar projects under the corporate green power programme during the quarter.
“In comparison, revenue in the corresponding period last year was lower as the utility-scale solar (LSS4) projects were nearing completion and contributed less to overall revenue,” it said.
During the quarter under review, Solarvest registered a net profit of RM15.88mil, up from RM7.84mil in the year-ago quarter, which brought earnings per share to 2.11 sen from 1.15 sen previously.
Revenue was 90% higher at RM137.74mil in 1Q26 as compared to RM72.65mil in 1Q25.
The group announced that its unbilled order book stood at RM1.18bil as of end-June 2025, which will be progressively recognised in the financial years ending March 31, 2026, and 2027.
The group remained focused on expanding its order book by leveraging opportunities from the 4GW LSS5 and LSS5+ quota.
Additionally, the government’s latest initiatives such as the such as the battery energy storage systems and solar energy self-consumption programmes presented new avenues to strengthen the group’s project pipeline and support its long-term growth in the renewable energy (RE) sector.
Solarvest said the outlook for the RE industry remained positive, driven by the government’s commitment to increasing capacity to 70% of the national energy mix and achieving net zero emissions by 2050.
“The power sector is projected to raise its RE capacity to 31% by 2025 and 40% by 2035, with solar energy expected to become the dominant RE source.”
Solarvest noted that the RE landscape continued to gain momentum with a series of new initiatives aimed at expanding solar power and energy storage capacity.
“Following the completion of the LSS5 and LSS5+ bidding rounds, the government has issued the request for proposal in May 2025 for the MyBeST programme slated to achieve commercial operation in 2027.
“The programme targets the deployment of 400MW/1,600MW-hour of storage capacity across Peninsular Malaysia and opens participation to third-party developers.”
The company said this is expected to enhance grid stability and flexibility, supporting the country’s transition towards a higher share of renewable energy.
“All these initiatives underline the government’s commitment to RE and are expected to benefit local RE developers and engineering, procurement, construction, and commissioning players.
“Following China’s recent ‘anti-involution’ policy aimed at curbing excessive domestic competition, solar module prices are expected to rise by year-end, and together with the expanded scope of the Sales and Service Tax on the domestic front, these factors will present headwinds to the execution of utility-scale solar projects under LSS5 and LSS5+,” it added.
Nevertheless, Solarvest said it would address the challenges through cautious planning and proactive cost management.
