Solarvest Holdings Berhad has announced a record gross profit of RM55.2 million for the six months ending 30 September, fueled by a reduction in solar panel costs.
The Malaysia-based company revealed a 22.7% year-on-year increase in its first-half net profit, which rose to RM17 million from RM13.9 million in the same period last year.
The second quarter saw a 28.1% jump in net profit, reaching RM9.2 million, compared to RM7.2 million in the previous year.
The growth was attributed to improved margins within the commercial and industrial sectors, driven by lower solar panel costs and increased sales of electricity. However, revenue for the second quarter decreased to RM103.9 million from RM139.9 million in the same period last year, due to the completion of all large-scale solar (LSS4) projects, which were still ongoing in the previous year.
Solarvest noted that the commencement of new large-scale solar projects under the Corporate Green Power Programme during the quarter is expected to contribute positively to revenue in the coming quarters.
The company also highlighted its successful diversification of revenue streams, particularly through recurring income and green energy solutions, with its core engineering, procurement, construction, and commissioning (EPCC) segment continuing to be the main driver of revenue.
