Solarvest Holdings Berhad announced its second quarter and six months financial results for the period ended 30 September 2024 ("1HFY25").
In 1HFY25, the firm reported its highest-ever first-half net profit of RM17 million, a 22.7% YoY increase from RM13.9 million in the previous year's corresponding period ("1HFY24"). The group also observed an unprecedented gross profit of RM55.2 million, its highest to date, largely attributed to the reduction in solar panel costs. Solarvest expects this positive momentum to continue over the coming years, strengthened the Group's margins for long-term growth.
In 2QFY25, Solarvest posted a 28.1% year-on-year ("YoY") increase in profit after tax and non-controlling interest ("net profit"), reaching RM9.2 million from RM7.2 million in the preceding year's corresponding quarter ("2QFY24"). This growth was driven by improved margins within the commercial and industrial ("C&I") segment, supported by a reduction in solar panel costs and sales of electricity.
The Group recorded revenue of RM103.9 million for 2QFY25, compared to RM139.9 million in 2QFY24. 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. Nevertheless, the Group has commenced some new large-scale solar projects under the Corporate Green Power Programme ("CGPP") during the quarter which will contribute positively to revenue in the coming quarters.
