Solarvest order book to surpass RM2bil in FY26
Solarvest executive director and group chief executive officer Davis Chong Chun Shiong.
PETALING JAYA: Solarvest Holdings Bhd executive director and group CEO Davis Chong Chun Shiong is confident the clean energy expert's order book will cross the RM2bil mark in financial year 2026 (FY26).
As he reviewed the final quarter of the group's 2025 financial year, Chong said the feat will be supported by additional fifth large scale solar (LSS5) contracts, anticipated LSS5+ award, as well as active participation in solar battery energy storage systems and upcoming LSS6 tenders in the second quarter of financial year 2025 (2Q25) and 3Q25 of this calendar year.
'In light of the potential rise in Malaysia's electricity tariffs in July, we also foresee improved project feasibility under the Corporate Renewable Energy Supply Scheme.
'This creates compelling opportunities for Solarvest to scale beyond our RM2bil order book target,' he said in a statement.
'The key drivers of our revenue growth include ongoing engineering, procurement, construction, and commissioning projects under the Corporate Green Power Programme and LSS5 programmes.
'Beyond utility scale projects, the commercial and industrial segment is also expected to remain strong, with approximately RM200mil in annual replenishments.'
As at March 31, 2025, the group's unbilled order book stood at RM1.24bil.
In the fourth quarter of the financial year ended March 31, 2025 (4Q25), Solavest posted a net profit of RM20.53bil, a 165% increase over the net profit of RM7.73mil in the year-ago quarter.
The group's revenue rose to RM224.87mil from RM96.9mil in the previous comparative quarter.
Earnings per share climbed to 2.82 sen from 1.15 sen previously.
Over the 12-month period, Solarvest's net profit rose to RM51.94mil from RM32.63mil in FY24, while revenue increased to RM536.82mil from RM497.03mil in the previous year.
In a filing with Bursa Malaysia on its latest results, Solarvest said the outlook for Malaysia's renewable energy (RE) industry remains positive, driven by the government's commitment to increasing RE capacity to 70% of the national energy mix and achieving net-zero emissions by 2050.
'The power sector is projected to raise its RE capacity to 31% by 2025 and 40% by 2035, with solar energy expected to become the dominant RE source.'
The company noted that Malaysia's renewable energy landscape continues to gain momentum with a series of new initiatives aimed at expanding solar power and energy storage capacity.
'Following the completion of the LSS5 and LSS5+ bidding rounds, the government has issued the Request for Proposal in May 2025 for the MyBeST programme slated to achieve commercial operation in 2027.
'The programme targets the deployment of 400MWh/1,600MWh of storage capacity across Peninsular Malaysia and opens participation to third-party developers.'
Solarvest said this is expected to enhance grid stability and flexibility, supporting Malaysia's transition towards a higher share of renewable energy.
'All these initiatives underline the government's commitment to RE and are expected to benefit local RE developers and engineering, procurement, construction and commissioning players.
'Barring any unforeseen circumstances, the board is of the view that the group's overall performance would remain satisfactory for the coming financial year.'
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