KUALA LUMPUR: As Malaysia's solar and battery energy storage system (BESS) ecosystem continues to grow, Solarvest Holdings Bhd
is aiming to convert nearly half of its existing order book into revenue in FY27, while growing its order book to RM5bil over the next year, said executive director and group CEO Datuk Davis Chong Chun Shiong.
In a statement, he said Malaysia is officially entering the solar-plus-BESS era, representing an estimated of RM15bil contract and investment values.
"At the same time, new contracts under the Corporate Renewable Energy Supply Scheme (CRESS) in the second half of our financial year will further accelerate third-party grid access and open up a larger avenue for corporate renewable energy procurement," he added.
Solarvest posted a net profit of RM19.02mil in the first quarter of its financial year, as compared to RM15.88mil in the year-ago quarter. Quarterly revenue expanded to RM155.94mil from RM137.74mil in the comparative quarter.
It said the strong performance was primarily driven by Large Scale Solar 5 Programme (LSS5) and continued execution of the Corporate Green Power Programme (CGPP) projects and increased share of profits from associate companies. Net profit margin improved to 12.2%, from 11.5% in 1QFY26.
The engineering, procurement, construction, and commissioning (EPCC) segment continued to be the group’s main revenue contributor with RM139mil or 89.1% of total revenue. The clean energy generation also posted steady growth, with electricity sales increasing 25.8% year-on-year to RM9.6 million.
On electricity sales, the group has secured an aggregate capacity of 135MWp from multiple corporate power purchase agreements under the Powervest pipeline, which is expected to contribute RM54.4mil annual recurrent revenue upon full completion within the next 12 to 18 months.
Chong said the group has maintained an unbilled EPCC order book of RM2.37bil, which will be progressively recognised over the financial years ending March 31, 2027, and 2028.
"We are actively building momentum to convert our healthy tender book and project pipeline – comprising 9.96 GWp in Malaysia and 1.81 GWp in international markets – into operational projects. Our pipeline is not only getting larger, but also becoming more diversified across utility-scale solar, BESS, CRESS, electricity sales, energy efficiency and our newly launched smart energy management solutions," he said.
