Samaiden Group Berhad announced that RAM Ratings has assigned first-time Corporate Credit Ratings of A1/Stable/P1 to the group and has assigned similar ratings to its multi-currency Islamic Commercial Papers ("ICP") programme of RM500 million and Islamic Medium-Term Notes ("IMTN") programme of RM1 billion, collectively known as the Sukuk Wakalah.
The assigned ratings reflect Samaiden's established presence in Malaysia's solar EPCC market, supported by a healthy order book, consistent financial performance, and sound credit metrics. As of November 2024, Samaiden had installed over 500 MW of solar systems, representing a significant market share of Malaysia's solar EPCC market. This includes projects across large-scale solar farms, commercial, industrial, and residential solar PV systems.
The ratings also underscore RAM Ratings' confidence in Samaiden's ability to maintain or expand its market share in the renewable energy space while executing prudent growth strategies. Samaiden's topline has shown impressive growth, tripling from RM76.2 million in FY2020 to RM227.2 million in FY2024. The Group reported a pre-tax profit of RM22.0 million in FY2024, a 63.9% year-over-year increase, reflecting its focus on high-margin projects and operational efficiencies. Based on the results published for its latest quarter, Samaiden Group's order book stood at RM521.2 million, marking a record-high performance for the Group.
