Latest news with #DavisChongChunShiong
The Star
21-05-2025
- Business
- The Star
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.'
New Straits Times
21-05-2025
- Business
- New Straits Times
Solarvest Q4 net profit nearly triples to RM21mil, eyes RM2bil orderbook by FY26
KUALA LUMPUR: Solarvest Holdings Bhd reported a net profit of RM20.53 million for the fourth quarter ended March 31, 2025 (4QFY25), nearly tripling from RM7.73 million a year earlier, it said in a bourse filing. Revenue for the quarter surged 132 per cent year-on-year to RM224.87 million, driven by increased roll-outs of utility-scale solar projects under the Corporate Green Power Programme (CGPP). For the full financial year (FY2025), the group posted a net profit of RM51.94 million, up 59 per cent from the previous year, while revenue rose eight per cent to RM536.82 million. Solarvest maintained a solid project pipeline, with an unbilled order book of RM1.24 billion as of March 31, 2025, to be recognised progressively over FY2026 and FY2027. "We are confident to reach more than RM2 billion orderbook in FY26," said executive director and chief executive officer Davis Chong Chun Shiong. "This will be supported by additional LSS5 contracts, the anticipated LSS5+ award, as well as our active participation in battery energy storage systems and the upcoming LSS6 tenders in the second and third quarters 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 to create compelling opportunities to scale beyond our orderbook target," he added. Solarvest has capitalised on various national energy initiatives, including the Net Energy Metering 3.0 (NEM 3.0), battery energy storage system (BESS) and solar energy self-consumption (SelCo) programmes. Its Powervest programme has secured 129 megawatt peak (MWp) in corporate power purchase agreements, expected to yield RM50.8 million in annual recurring revenue. Looking ahead, the group is optimistic about its growth prospects, aligning with the government's target of achieving 70 per cent renewable energy in the energy mix by 2050. Meanwhile, Solarvest assured that it is not affected by recent United States tariff developments, as its solar panels are directly sourced from China. "Cost-wise, we expect solar panel prices to remain stable due to the prevailing supply-demand imbalance and market oversupply," Chong said.
The Star
21-05-2025
- Business
- The Star
Solarvest optimistic orderbook to surpass RM2bil in FY26
KUALA LUMPUR: Solarvest Holdings Bhd executive director and group CEO Davis Chong Chun Shiong is confident the clean energy expert's orderbook will cross the RM2bil mark in 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 (BESS) and upcoming LSS6 tenders in Q2 and Q3 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 (CRESS). This creates compelling opportunities for Solarvest to scale beyond our RM2bil orderbook 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 (4QFY25), 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.
BusinessToday
21-05-2025
- Business
- BusinessToday
Solarvest Posts Record FY25, Targets RM2 Billion Orderbook Amid Clean Energy Boom
Solarvest Holdings Bhd has capped off its third consecutive record-breaking financial year with an impressive set of results for the fiscal year ended March 31, 2025 (FY25), solidifying its position as a regional leader in the clean energy sector. The group posted a revenue of RM536.8 million, up 8% year-on-year (YoY) from RM497 million in FY24. More notably, its gross profit surged by 50.8% YoY to RM149.5 million, supported by stronger margins of 27.9% (up from 20% last year). This sharp rise in profitability translated into a 59.2% jump in net profit, which reached RM51.9 million, delivering consistent margin expansion over the past three years. 'This is more than just a strong financial performance, it's validation of our strategic direction and resilience in an evolving energy market. 'We are confident in scaling past a RM2 billion orderbook in FY26, as demand accelerates across the Corporate Green Power Programme (CGPP), Battery Energy Storage Systems and the upcoming LSS6 tender,' Solarvest Executive Director and Group Chief Executive Officer Davis Chong Chun Shiong said. He shared that as of March 31, 2025, Solarvest holds an unbilled orderbook of RM1.24 billion, which will be progressively recognised through FY26 and FY27. 'The momentum is just beginning,' said Chong. 'With the upcoming LSS5+ and LSS6 tenders and a potential rise in electricity tariffs this July, project feasibility under the Corporate Renewable Energy Supply Scheme is improving. That opens new doors for us to accelerate adoption in both utility-scale and commercial & industrial (C&I) segments,' Chong said, adding that the C&I segment alone is expected to generate around RM200 million in new projects annually, underscoring steady demand from corporates looking to decarbonise operations. Looking ahead, Solarvest is preparing for the launch of the Community Renewable Energy Aggregation Mechanism, a game-changing framework that will allow energy companies to generate electricity from rooftop solar systems and sell it directly to both commercial and residential users. This is expected to unlock a new frontier of decentralised, consumer-focused energy solutions. Related
Malaysian Reserve
27-04-2025
- Business
- Malaysian Reserve
Malaysia-Japan JV powers ahead with RM142m solar project in Kedah
A NEW cross-border renewable-energy (RE) partnership is set to boost Malaysia's clean energy ambitions following the announcement of a RM142 million solar project in Gurun, Kedah. The initiative, unveiled at Expo 2025 Osaka, marks a significant milestone for Malaysia's positioning as a regional hub for sustainable investment. The 29.99 MW project will be developed under SM01 Sdn Bhd, a special-purpose vehicle jointly owned by Solarvest Asset Management Sdn Bhd, HSS Engineering Sdn Bhd and Shizen Malaysia Sdn Bhd, a subsidiary of Japan's Shizen Energy Inc. The project is expected to reduce over 1.1 million metric tonnes of carbon emissions throughout its lifetime. The development was facilitated by the Malaysian Investment Development Authority (MIDA) under the Corporate Green Power Programme and forms part of the government's broader Green Investment Tax Incentive initiative. The effort aligns with Malaysia's National Energy Transition Roadmap (NETR), which charts the country's path toward a low-carbon economy. 'This partnership exemplifies Malaysia's commitment to sustainable development and our position as a prime destination for green investments in the region. The SM01 project aligns perfectly with our National Energy Transition Roadmap, demonstrating how international collaboration can accelerate our journey toward a low-carbon future,' MIDA deputy CEO Sivasuriyamoorthy Sundara Raja said speaking at the launch. The equity structure of SM01 reflects a balanced international collaboration, with each partner holding an equal stake. The involvement of Shizen Malaysia brings valuable Japanese expertise in renewable energy financing, development, and engineering, while local partners Solarvest and HSS will drive project delivery, engineering and asset management. Solarvest Group CEO Davis Chong Chun Shiong said the support from MIDA underscores growing confidence in Malaysia's clean energy infrastructure players. 'This incentive boosts the financial sustainability of the SM01 project and demonstrates the value of international collaboration. We remain focused on delivering impactful, commercially viable clean energy projects by leveraging international partnerships and innovation-driven solutions,' he said. Shizen Malaysia CEO Reza Ikram noted that Malaysia's stable economic landscape and supportive regulatory framework make it an attractive destination for green investors. HSS Engineers Bhd executive vice chairman and acting group CEO Tan Sri Kuna Sittampalam said the group is proud to support the initiative as engineering and project management partner. Held under the theme 'Weaving a Future in Harmony', the Malaysia Pavilion at Expo 2025 Osaka is designed to showcase the country's inclusive and innovation-driven economic vision. The launch of SM01 further underscores Malaysia's intent to attract high-quality investments in renewable energy, green technology and ESG-aligned infrastructure. The SM01 project stands not only as a commercial success, but also as a symbolic leap forward in Malaysia-Japan bilateral collaboration in the RE sector. — TMR This article first appeared in The Malaysian Reserve weekly print edition
