Samaiden Group Berhad’s Latest Financials: Riding Malaysia’s Renewable Energy Wave

Greetings, fellow investors and energy enthusiasts! Today, we’re diving deep into the latest financial report from Samaiden Group Berhad, a prominent player in Malaysia’s rapidly expanding renewable energy sector. This report, covering the quarter and year-to-date ended 31 March 2025, paints a picture of robust growth and strategic positioning within a dynamic market.

Samaiden has shown impressive financial performance, especially in its core Engineering, Procurement, Construction, and Commissioning (EPCC) services for solar energy solutions. The company’s full-year profit has seen significant growth, and their latest dividend announcement further underscores their commitment to shareholder returns. Let’s break down the key figures and what they mean for Samaiden’s journey ahead.

Financial Highlights: A Glimpse into Growth

Samaiden’s latest quarterly results showcase a strong upward trajectory, driven by ongoing large-scale solar projects, particularly the Corporate Green Power Programme (CGPP) initiatives.

Quarterly Performance (31 March 2025 vs. 31 March 2024)

The company recorded a commendable increase in revenue by 18.9% and PAT by 21.5% compared to the same quarter last year, demonstrating strong operational execution.

Year-to-Date Performance (9 Months Ended 31 March 2025 vs. 31 March 2024)

For the cumulative nine-month period, Samaiden’s revenue surged by 28.6%, and profit after taxation increased by 27.6%, primarily driven by the commencement and ongoing progress of several large-scale solar projects, notably the Corporate Green Power Programme (CGPP).

Comparison with Immediate Preceding Quarter (31 March 2025 vs. 31 December 2024)

Revenue saw an 11.4% increase from the immediate preceding quarter, again due to the CGPP projects. While Profit Before Taxation remained unchanged, Profit After Taxation saw a slight 5.2% increment. This was mainly attributed to the CGPP projects carrying slightly lower margins and a minor increase in administrative expenses during the quarter.

Segmental Performance: EPCC Leading the Charge

The Group’s performance is largely propelled by its Engineering, Procurement, Construction, and Commissioning (EPCC) segment, which caters to renewable energy and environmental sectors. For the nine months ended 31 March 2025, the EPCC segment contributed RM218.12 million in external revenue, a significant jump from RM169.86 million in the previous corresponding period. The Solar Photovoltaic (PV) Investment segment, which involves the sale of electricity generated from own facilities, contributed a smaller but growing RM0.48 million, up from RM0.14 million.

Financial Health and Cash Flow

Samaiden’s balance sheet reflects a growing asset base and a healthy equity position. As at 31 March 2025, total assets stood at RM274.16 million, up from RM207.25 million as at 30 June 2024. Net assets per ordinary share attributable to owners of the company increased to 33.21 sen from 32.09 sen. The increase in current assets, particularly trade receivables and contract assets, aligns with the ramp-up of project execution. While cash and bank balances saw a decrease, the Group’s short-term investments increased to RM100.57 million, indicating prudent cash management and liquidity.

From a cash flow perspective, the Group’s net cash used in operating activities significantly improved to RM2.76 million (used) for the current nine months, compared to RM21.97 million (used) in the previous corresponding period. This indicates better working capital management despite the high growth phase. The company also paid out a total of RM9.21 million in dividends during the financial period, reflecting its commitment to returning value to shareholders.

Prospects and Potential Headwinds

Samaiden is strategically positioned to capitalize on Malaysia’s burgeoning Renewable Energy (RE) sector, which is gaining significant momentum through initiatives like the National Energy Transition Roadmap (NETR) and various government incentives. The outlook appears promising, but it’s always wise to consider potential challenges.

Bright Prospects

The Malaysian government’s revised Solar Self-Consumption Programme is a game-changer, removing the 85% capacity limit for non-domestic users and expanding to include ground-mounted and floating solar systems. This, coupled with the mandate for Battery Energy Storage Systems (BESS), aligns perfectly with Samaiden’s diversification strategy. The recent launch of an additional 2GW tender under the Large-Scale Solar (LSS) Petra 5+ programme and the introduction of the Feed-in Tariff 2.0 for biomass, biogas, and small hydropower projects further open up vast opportunities for the Group’s development and EPCC services.

A significant milestone is the 21-year Power Purchase Agreement (PPA) signed with Tenaga Nasional Berhad (TNB) for the LSS5 project in Pasir Mas, Kelantan. This project is expected to provide a stable, long-term revenue stream, bolstering the Group’s financial sustainability. The reclassification of Samaiden’s sector to ‘Energy and Utilities’ with a subsector of ‘Renewable Energy’ also enhances its visibility and distinctiveness in the market.

As of 31 March 2025, Samaiden’s order book remains strong at RM441.8 million. Expected spillover benefits from BESS, LSS5, LSS5+, Corporate Green Power Programme, and rooftop solar initiatives are projected to contribute positively to the Group’s order book, revenue, and profit in the upcoming quarters. Furthermore, a landmark deal related to the ASEAN Power Grid, anticipated in October 2025, could further enhance regional renewable energy security and connectivity, offering more avenues for growth.

Navigating Potential Risks

While the future looks bright, it’s important to acknowledge that the company, like any other, faces certain risks. The report highlights ongoing material litigations, primarily involving contractual disputes with sub-contractors and main contractors. These legal proceedings, though common in the construction industry, can tie up resources and introduce uncertainties. While the company’s management has expressed confidence in their legal positions and some disputes have seen favorable outcomes or partial payments, continuous monitoring of these cases is essential.

What’s Next for Samaiden?

Samaiden’s journey in the renewable energy space is certainly one to watch. With a solid performance in the recent quarter and a clear strategic direction, the company is well-poised to contribute significantly to Malaysia’s green energy ambitions.

What are your thoughts on Samaiden’s latest report? Do you think the company can maintain this growth momentum in the next few years, especially with the upcoming LSS5+ and ASEAN Power Grid initiatives? Share your views in the comment section below!

For more insights into the Malaysian energy sector, check out our related articles:

• Understanding Malaysia’s National Energy Transition Roadmap
• The Rise of Solar Power in Commercial & Industrial Sectors