Solarvest Holdings Berhad has announced a record gross profit of RM55.2million, driven by the reduction in solar panel costs.
The Malaysia-founded company revealed its second quarter and six months financial results for the period up to 30 September.
In the six-month period, Solarvest reported its highest-ever first-half net profit of RM17m, a 22.7% year on year increase from RM13.9m in the previous year’s corresponding period.
In the second quarter, Solarvest posted a 28.1% year-on-year increase in net profit, reaching RM9.2m from RM7.2m in the preceding year’s corresponding quarter.
It said this growth was driven by improved margins within the commercial and industrial segment, supported by a reduction in solar panel costs and sales of electricity.
The group recorded revenue of RM103.9m for the second quarter, compared to RM139.9m last year. The softer revenue was largely attributed to the completion of all the LSS4 projects, which were still actively ongoing in the prior year’s corresponding quarter.
However, the group has commenced some new large-scale solar projects under the Corporate Green Power Programme during the quarter which it expects to boost revenue in the coming quarters.
Solarvest said its strategic progress in diversifying its revenue streams has driven significant growth in recurring income and green energy solutions.
The core engineering, procurement, construction, and commissioning of solar energy solutions segment remained the primary revenue driver, it said.