As the sun rises on a new financial quarter, so too does the performance of Malaysia’s renewable energy champion, Solarvest Holdings Berhad. Their latest interim financial report for the fourth quarter ended 31 March 2025 (Q4 FY25) shines brightly, revealing a period of robust growth driven by ambitious project execution and a burgeoning renewable energy landscape.
This report isn’t just about numbers; it’s a testament to Solarvest’s strategic positioning within Malaysia’s accelerating green energy transition. With full-year profit before tax surging by over 57% and a remarkable 132% jump in Q4 revenue, Solarvest is clearly making significant strides. But what exactly powered this impressive performance, and what lies ahead for this key player in the Malaysian energy sector?
Financial Performance: A Quarter of Explosive Growth
Solarvest’s Q4 FY25 figures demonstrate exceptional growth, particularly when compared to the same period last year. The company saw its revenue more than double, propelled by the active execution of several utility-scale solar projects under the Corporate Green Power Programme (CGPP) during the quarter.
Q4 FY25
Revenue: RM224,867k
Profit Before Tax (PBT): RM27,932k
Profit After Tax (PAT): RM20,171k
Basic Earnings Per Share (EPS): 2.82 sen
Q4 FY24
Revenue: RM96,904k
Profit Before Tax (PBT): RM12,370k
Profit After Tax (PAT): RM8,766k
Basic Earnings Per Share (EPS): 1.15 sen
This translates to a staggering 132.05% increase in revenue and a 125.80% surge in profit before tax for the quarter. The report highlights that last year’s corresponding period saw lower revenue contribution from utility-scale solar (LSS4) projects as they were nearing completion, underscoring the impact of the new CGPP projects.
Full-Year Overview: Sustained Momentum
Looking at the cumulative 12-month performance, Solarvest maintained its growth trajectory, solidifying its position in the renewable energy sector.
YTD FY25
Revenue: RM536,819k
Profit Before Tax (PBT): RM74,168k
Profit After Tax (PAT): RM53,340k
Basic Earnings Per Share (EPS): 7.35 sen
YTD FY24
Revenue: RM497,025k
Profit Before Tax (PBT): RM47,182k
Profit After Tax (PAT): RM34,062k
Basic Earnings Per Share (EPS): 4.88 sen
For the full financial year, revenue grew by 8.01%, reaching RM536.82 million. More impressively, profit before tax jumped by 57.20%. This significant improvement was attributed to improved margins in the commercial and industrial (C&I) business segment, partly due to lower solar panel prices. Additionally, the group benefited from larger gross profit contributions from the utility-scale solar (LSS) segment and electricity sales from three of its LSS4 plants.
Quarter-on-Quarter Momentum: Full Steam Ahead
Comparing the current quarter with the immediate preceding quarter (Q3 FY25) further illustrates the accelerating pace of Solarvest’s operations.
Q4 FY25
Revenue: RM224,867k
Profit Before Tax (PBT): RM27,932k
Profit After Tax (PAT): RM20,171k
Q3 FY25
Revenue: RM135,396k
Profit Before Tax (PBT): RM20,037k
Profit After Tax (PAT): RM15,359k
Revenue increased by a substantial 66.08%, and profit before tax by 39.40%. This sequential growth was primarily driven by the active execution progress of utility-scale solar projects under the CGPP, with the majority of these projects now operating at full scale.
Segmental Deep Dive & Financial Health
Solarvest’s core business segments continue to drive its performance. The Engineering, Procurement, Construction, and Commissioning (EPCC) of solar energy solutions remains the primary revenue generator, with external revenue of RM459.46 million for the full year. Operations and Maintenance (O&M) and sales of electricity through solar energy also contributed positively, alongside other green energy solutions such as solar project development and environmental commodities trading.
Financial Position Snapshot (as at 31 March 2025):
| Category | 31/3/2025 (RM’000) | 31/3/2024 (RM’000) | Change (%) |
|---|---|---|---|
| Total Assets | 1,030,735 | 520,411 | 98.06% |
| Total Equity | 362,833 | 235,167 | 54.30% |
| Total Liabilities | 667,902 | 285,244 | 134.15% |
| Net Assets per Share (RM) | 0.49 | 0.35 | 40.00% |
| Cash & Cash Equivalents | 87,240 | 60,494 | 44.21% |
