Hello, fellow investors and renewable energy enthusiasts!
Today, we’re diving deep into the latest financial performance of **SUNVIEW GROUP BERHAD**, a prominent player in Malaysia’s burgeoning renewable energy sector. The company has just released its unaudited interim financial report for the fourth quarter and full financial year ended 31 March 2025 (FY2025). This report offers crucial insights into Sunview’s operational health, strategic direction, and its navigation through the dynamic energy landscape.
While the fourth quarter saw a dip in profitability compared to the previous year, the full-year results reflect the company’s efforts to adapt to evolving project phases and market conditions. What truly stands out is Sunview’s optimistic outlook, backed by robust government policies and a significant unbilled order book. Let’s unpack the numbers and understand what this means for Sunview’s journey ahead.
Key Takeaways at a Glance:
- Q4 FY2025 Revenue: RM76.02 million, a decrease from Q4 FY2024 due to project phasing.
- Full-Year FY2025 Profit After Tax: RM6.34 million, a decline from FY2024, influenced by lower gross profit yields in initial project stages.
- Strategic Positioning: Sunview is well-positioned to capitalize on Malaysia’s ambitious renewable energy targets and new schemes like CRESS and NEM 3.0.
- Unbilled Order Book: A healthy RM374.32 million provides financial visibility for the coming year.
- No Dividend Proposed: For the current financial quarter, no dividend was proposed.
Core Data Highlights: Unpacking the Financials
Q4 Performance Overview: A Quarter of Transition
The fourth quarter of FY2025 (31 March 2025) presented a mixed picture for Sunview Group. While revenue saw a sequential increase from the immediate preceding quarter, it experienced a significant decline when compared to the same period last year. This is primarily attributed to the Group’s shift towards the preliminary stages of Corporate Green Power Programme (CGPP) projects, contrasting with the completion of major progress milestones in large-scale solar (LSS) projects during the previous corresponding quarter.
Q4 FY2025 (31.03.2025)
Revenue: RM76.02 million
Profit After Tax (PAT): RM1.10 million
Earnings Per Share (EPS): 0.21 sen
Q4 FY2024 (31.03.2024)
Revenue: RM103.19 million
Profit After Tax (PAT): RM4.62 million
Earnings Per Share (EPS): 0.90 sen
Comparing Q4 FY2025 to Q4 FY2024:
- Revenue: Declined by approximately 26.33%.
- Profit After Tax: Saw a more substantial drop of about 76.10%, driven by lower gross profit yields from the preliminary stage of CGPP projects.
- Earnings Per Share: Similarly decreased by around 76.67%.
However, when looking at the sequential quarter-on-quarter performance (Q4 FY2025 vs Q3 FY2025), the picture is more positive:
Q4 FY2025 (31.03.2025)
Revenue: RM76.02 million
Profit Before Tax (PBT): RM2.49 million
Q3 FY2025 (31.12.2024)
Revenue: RM62.80 million
Profit Before Tax (PBT): RM2.67 million
Comparing Q4 FY2025 to Q3 FY2025:
- Revenue: Increased by 21.06%, reflecting continued progress in ongoing CGPP and LSS projects.
- Profit Before Tax (PBT): Decreased by 6.53%, primarily due to a reduction in the volume of high-margin Commercial and Industrial projects.
Full-Year Performance Snapshot: A Challenging Year
For the full financial year ended 31 March 2025, Sunview Group experienced a notable decline in both revenue and profitability compared to the previous financial year.
FY2025 (31.03.2025)
Revenue: RM226.83 million
Profit After Tax (PAT): RM6.34 million
Earnings Per Share (EPS): 1.17 sen
FY2024 (31.03.2024)
Revenue: RM465.93 million
Profit After Tax (PAT): RM9.58 million
Earnings Per Share (EPS): 1.88 sen
Comparing FY2025 to FY2024:
- Revenue: Decreased by approximately 51.29%.
- Profit After Tax: Declined by about 33.84%.
- Earnings Per Share: Fell by roughly 37.77%.
This full-year performance reflects the project cycle, where early-stage CGPP projects contribute less to immediate revenue and profit compared to the completed LSS projects of the prior year.
Financial Health at a Glance: Strengthening the Balance Sheet
Despite the fluctuations in quarterly profitability, Sunview’s balance sheet shows a strengthening financial position, indicating solid asset growth and improved net asset value.
| Financial Metric | 31.03.2025 (RM’000) | 31.03.2024 (RM’000) | Change (%) |
|---|---|---|---|
| Total Assets | 447,344 | 379,228 | +17.96% |
| Total Equity | 175,282 | 140,454 | +24.79% |
| Total Liabilities | 272,062 | 238,774 | +13.94% |
| Net Assets per Share (RM) | 0.31 | 0.27 | +14.81% |
The increase in total assets, total equity, and net assets per share signifies a growing asset base and enhanced shareholder value. The Group’s cash and short-term deposits stood at RM39.44 million as of 31 March 2025, providing liquidity for operations, though it was lower than the previous year’s RM49.21 million. The unbilled order book of RM374.32 million as of 31 March 2025 provides strong revenue visibility for the upcoming periods.
Segmental Performance: Renewable Energy Dominance
Sunview Group operates primarily in two segments: the provision of products and services related to renewable energy (EPCC, etc.) and power generation. The “Provision of product and services related to renewable energy” segment remains the dominant contributor to the Group’s revenue and profit, accounting for RM222.95 million in external revenue for FY2025. The “Power generation” segment contributed RM3.88 million in external revenue for the same period. This highlights Sunview’s core strength in the EPCC space, while its power generation assets contribute a steady, albeit smaller, stream of income.
Navigating the Future: Prospects and Challenges
Sunview Group remains optimistic about the future of the renewable energy sector, buoyed by supportive government policies and an expanding market. The company is strategically positioning itself to leverage these tailwinds, despite ongoing geopolitical trade tensions that might affect material prices.
Bright Prospects Ahead:
- Supportive Policies: Malaysia’s National Energy Transition Roadmap (NETR) and the 12th Malaysia Plan target a 40% RE share by 2035 and 70% by 2050, with solar as the dominant source. This creates a highly conducive environment for growth.
- Competitive Material Prices: Higher tariffs imposed by the United States on Chinese solar imports have led to an oversupply in the region, potentially driving down material prices. This could enhance project cost-efficiency for EPCC players like Sunview.
- Corporate Renewable Energy Supply Scheme (CRESS): This scheme enables direct energy transactions between RE developers and corporate consumers. With fixed System Access Charges (SAC) for the next three years, it provides clearer cost visibility and stability for investors. Sunview aims to participate both as a solar asset owner and an EPCC service provider.
- Net Energy Metering (NEM) 3.0 Expansion: Additional quotas (150MW for residential, 300MW for C&I) are expected to further drive rooftop solar demand.
- Community Renewable Energy Aggregation Mechanism (CREAM): This new mechanism allows homeowners to lease or rent out their rooftops for solar power generation, benefiting Sunview given its established presence in the residential solar market.
- Large-Scale Solar (LSS) Programme: The announcement of LSS5 winners (adding 2,000MW capacity) and the upcoming LSS5+ tender (additional 2,000MW) provide significant opportunities for Sunview to bid for EPCC contracts and potentially participate as a project owner.
- Battery Energy Storage System (BESS): Malaysia’s first large-scale BESS initiative (400MW/1,600MWh by 2026) offers another potential growth area for Sunview, which is currently assessing participation.
- Strong Order Book: As of 31 March 2025, the Group’s unbilled order book stands at RM374.32 million, providing strong financial visibility for the coming year.
While the prospects are promising, it’s essential to acknowledge potential challenges. The report indicates that the Board of Directors is “cautiously optimistic” about the Group’s performance moving forward, suggesting an awareness of the complexities in the market.
Summary and Outlook
Summary and
Sunview Group Berhad’s latest financial report reflects a period of transition, with the fourth quarter and full-year results impacted by the cyclical nature of large-scale project development. While profitability saw a decline compared to the previous year, the company’s strategic positioning within Malaysia’s rapidly expanding renewable energy sector, coupled with a healthy unbilled order book, paints a cautiously optimistic picture for its future. The Group is actively pursuing opportunities arising from new government initiatives and market trends, which could drive long-term sustainable growth.
However, potential investors should also be aware of the following key point:
- Material Litigation: Sunview’s wholly-owned subsidiary, Fabulous Sunview Sdn Bhd (FSSB), is involved in a material litigation case where an Adjudication Decision has been rendered against FSSB for RM1.67 million plus interest and costs. FSSB has filed to set aside this decision, with a court decision expected on 7 August 2025. While the company believes this will not have a material adverse effect, it is a point to monitor as it represents a financial and operational contingency.
Overall, Sunview Group is navigating a dynamic market with strategic clarity, aiming to solidify its position as a key enabler of Malaysia’s energy transition. The company’s focus on diverse renewable energy projects, from utility-scale to commercial, industrial, and residential segments, provides a well-rounded approach to capturing market opportunities.
What are your thoughts on Sunview’s latest performance and its future prospects in the Malaysian renewable energy landscape? Do you think the company can maintain its strategic momentum and capitalize on these opportunities in the coming years?
Share your insights in the comments section below!
Stay tuned for more analyses on Malaysian companies. You might also be interested in our recent articles on [Related Article 1] and [Related Article 2].
