Latest news with #RM1.18bil
The Star
a day ago
- Business
- The Star
Solarvest 1Q net profit doubles to RM16mil
The company's revenue was 90% higher at RM137.74mil in 1Q26. PETALING JAYA: Solarvest Holdings Bhd is optimistic of a satisfactory year as it earnings doubled year-on-year on the back of higher revenue in the first quarter of its current financial year (1Q26). In a filing with Bursa Malaysia, the clean energy company said the strong performance was primarily driven by the ongoing execution of several utility-scale solar projects under the corporate green power programme during the quarter. 'In comparison, revenue in the corresponding period last year was lower as the utility-scale solar (LSS4) projects were nearing completion and contributed less to overall revenue,' it said. During the quarter under review, Solarvest registered a net profit of RM15.88mil, up from RM7.84mil in the year-ago quarter, which brought earnings per share to 2.11 sen from 1.15 sen previously. Revenue was 90% higher at RM137.74mil in 1Q26 as compared to RM72.65mil in 1Q25. The group announced that its unbilled order book stood at RM1.18bil as of end-June 2025, which will be progressively recognised in the financial years ending March 31, 2026, and 2027. The group remained focused on expanding its order book by leveraging opportunities from the 4GW LSS5 and LSS5+ quota. Additionally, the government's latest initiatives such as the such as the battery energy storage systems and solar energy self-consumption programmes presented new avenues to strengthen the group's project pipeline and support its long-term growth in the renewable energy (RE) sector. Solarvest said the outlook for the RE industry remained positive, driven by the government's commitment to increasing 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.' Solarvest noted that the RE landscape continued 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 400MW/1,600MW-hour of storage capacity across Peninsular Malaysia and opens participation to third-party developers.' The company said this is expected to enhance grid stability and flexibility, supporting the country'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. 'Following China's recent 'anti-involution' policy aimed at curbing excessive domestic competition, solar module prices are expected to rise by year-end, and together with the expanded scope of the Sales and Service Tax on the domestic front, these factors will present headwinds to the execution of utility-scale solar projects under LSS5 and LSS5+,' it added. Nevertheless, Solarvest said it would address the challenges through cautious planning and proactive cost management.
The Star
4 days ago
- Business
- The Star
AmBank registers higher 1Q net profit of RM516.18mil on strong income growth
KUALA LUMPUR: Good income growth underpinned by improved net interest margin (NIM) drove AMMB Holdings Bhd 's (AmBank) performance in the first quarter of its 2026 financial year (1QFY26), said group CEO Jamie Ling as he announced the bank's latest quarterly results. "Capital position strengthened further and liquidity remains ample. Overall, a satisfactory first quarter performance, delivered in more volatile market conditions." In his outlook for the coming year, Ling acknowledged the bank is managing a period of turbulence but was optimistic over the first quarter result. "The overnight policy rate reduction will have some impact on NIM in the near term. "As our economy adjusts to the 19% tariff imposed on most Malaysian exports to the US, we are confident that economic growth will remain resilient," he added. AmBank posted a net profit of RM516.18mil in 1QFY26, which was higher than RM500.2mil in the year-ago quarter, bringing earnings per share to 15.64 sen from 15.13 sen in the comparative quarter. It reported revenue of RM1.29bil in 1QFY26, also improved over RM1.18bil in 1QFY25. Quarterly net interest income (NII) was up 7.4% year-on-year (y-o-y) to RM924.7mil as NIM expanded 12 basis points to 2.01%. The bank said loans and financing grew 4.2% y-o-y with business banking and wholesale banking loans growing 12.2% an 10% y-o-y respectively. Meanwhile, non-interest income (NoII) increased 15.2% y-o-y to RM366mil due mainly to higher trading gains in securities from group treasury markets as well as higher fee income from corporate banking and business banking. The bank's overall expenses was 8.3% higher y-o-y to RM563.9mil due to higher personnel costs, although the good income growth raised cost-to-income to 43.7% from 44.2% in the previous comparative quarter. On its balance sheet, total gross loans, advances and financing fell a marginal 0.5% year-to-date (YTD) to RM138.2bil, mainly due to repayment of wholesale banking loans. Total customer deposits fell 2.5% YTD to RM138bil. The bank's time deposits grew 0.6% YTD to RM91.1bil while current account savings account (Casa) fell 8.1% YTD to RM46.9bil for a Casa mix of 34% as compared to 36% in FY25.
The Star
30-06-2025
- Business
- The Star
Sapura Energy reports RM478mil 1Q26 loss
PETALING JAYA: Sapura Energy Bhd , which reported a net loss in its first quarter ended April 30, 2025, expects its financials to improve in subsequent quarters. In a filing with Bursa Malaysia, the oil and gas company said this projection is in line with the progressive recognition of revenue from ongoing projects in the engineering and construction (E&C) division and with certain drilling rigs being on-hire on their new contracts. 'The group's unrestricted cash balance remains healthy and stood at RM1.85bil as at April 30, 2025.' In its first quarter ended April 2025, Sapura Energy reported a net loss of RM477.96mil, compared with a net profit of RM82.13mil in the previous corresponding period, while revenue dropped to RM801.37mil from RM1.18bil a year earlier. 'Performance was impacted mainly due to losses being recognised earlier, particularly for a challenging E&C project in Angola, along with lower activity across the operations and maintenance and drilling segments due to project completions and seasonal factors. 'There was also no contribution from SapuraOMV in the current quarter, following the completion of its divestment in December 2024. The group expects its financials to improve in subsequent quarters, in line with the progressive recognition of revenue from ongoing projects in E&C and with certain drilling rigs being on-hire on their new contracts.' The group's orderbook currently stands at RM7.9bil.
