Malaysia's Solarvest records fivefold jump in Q2 profit
Image by Solarvest (solarvest.my).
Malaysian solar engineering firm Solarvest Holdings Bhd (KLSE:SLVEST) saw its second-quarter net profit rise fivefold from a year ago to MYR 5 million (USD 1.12m/EUR 1.07m) as revenue surged by 224.8%.
In the three-month period through September, the company generated a turnover of MYR 98.2 million, mainly coming from solar engineering, procurement, construction and commissioning operations.
The company said today that performance improved on the back of a recovery of construction activities as the coronavirus pandemic in Malaysia is moving to the endemic stage.
In the first half of its financial year, Solarvest made an MYR-9.3-million net profit on MYR 150.8 million in revenues.
The company noted on positive developments such as softening cost pressures from solar material prices and the four-year power purchase agreements (PPA) extension for all three of its assets awarded under the Large Scale Solar scheme (LSS4). It also hopes that the 600 MW solar photovoltaic (PV) assets quota release under the Corporate Green Power Programme will allow it to replenish and even increase its current unbilled order book of MYR 662 million.