Last updated on August 23, 2025
Kuala Lumpur, 20 August 2025 – Solarvest Holdings Berhad (“Solarvest” or the “Group”), a regional clean energy solutions provider, has reported a robust set of results for its first quarter ended 30 June 2025 (“1QFY26”), recording strong revenue and profit growth.
The Group’s revenue nearly doubled, rising 89.6% year-on-year (“YoY”) to RM137.7 million from RM72.7 million in 1QFY25. This was largely driven by the steady progress of several utility-scale solar projects under the Corporate Green Power Programme (“CGPP”).
Gross profit increased by 70.6% YoY to RM40.5 million (1QFY25: RM23.7 million), with a gross profit margin of 29.4%. Net profit after tax and non-controlling interest more than doubled to RM15.9 million, compared to RM7.8 million a year earlier, supported by RM0.7 million in contributions from associates and joint ventures. Net profit margin improved to 11.5% from 10.8% in 1QFY25.
Segmental Growth
The engineering, procurement, construction, and commissioning (“EPCC”) segment was the primary driver, surging to RM124.6 million in 1QFY26 from RM59.9 million a year earlier, contributing 90.5% of overall revenue. The renewable energy generation division posted steady growth, with electricity sales rising 16.5% YoY to RM7.6 million, representing 5.5% of total revenue.
The operations and maintenance (“O&M”) business recorded RM2.8 million in revenue, up 77.9% YoY, while other activities including solar project development, environmental commodities trading, and green energy solutions contributed RM2.6 million.
Quarter-on-Quarter Comparison
Against the preceding quarter (4QFY25), revenue eased to RM137.7 million from RM224.9 million, while net profit moderated to RM15.9 million from RM20.5 million. The softer performance reflected slower progress recognition from utility-scale projects following accelerated execution in prior quarters, with several new projects yet to commence.
Outlook and Order Book
Dato’ Davis Chong Chun Shiong (拿督张俊雄), Executive Director and Group CEO of Solarvest, said the Group remains on a positive trajectory with strong project execution and a healthy pipeline.
“Our order book is expected to climb to a record RM2.0 billion on the back of additional LSS5 EPCC contracts and new projects in Borneo. The anticipated results of LSS5+ in Q3 2025 could further lift the figure to around RM3.0 billion by year-end. As of 30 June 2025, our unbilled order book stood at RM1.18 billion, to be progressively recognised over FY2026 and FY2027,” he said.
He added that Malaysia’s renewable energy drive continues to accelerate, with solar energy playing a critical role in achieving the national target of a 70% renewable energy mix by 2050. Upcoming initiatives such as the 2GW LSS5+ programme and the 400MW/1,600MWh Battery Energy Storage System (“BESS”) auction under the MyBeST framework are expected to enhance grid stability and create further opportunities for Solarvest.
Reflecting this momentum, the Group’s tender book stands at approximately 8.1 GWp across ASEAN. On recurring revenue, Solarvest has secured a total capacity of 141MWp through multiple corporate power purchase agreements under its Powervest Programme, expected to generate RM53.8 million annually once fully operational within the next 12–18 months.
Managing Costs and Market Risks
Dato’ Davis noted that the Group remains vigilant on external factors, including the expanded Sales and Service Tax (“SST”) and China’s “anti-involution” policy, which could affect module prices.
“Despite these headwinds, we expect solar panel prices to remain competitive at around USD0.10 per watt. With prudent planning, proactive cost management, and a robust order book, Solarvest is well-positioned to sustain its growth momentum,” he concluded.
