Profit before tax up 19.90% on higher number of projects and larger contract sums

Samaiden Group Berhad, a renewable energy (RE) specialist principally involved in engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants today announced that for the first quarter ended 30 September 2022 (1Q FY2023), revenue grew 71.82% to RM40.77 million compared with RM23.73 million registered in 1Q FY2022.

Group Managing Director of Samaiden, Ir. Chow Pui Hee

For the quarter under review, Samaiden recorded 19.90% increase in profit before tax to RM3.28 million compared with RM2.74 million in the corresponding quarter of the previous financial year. For 1Q FY2023, profit after tax registered growth of 18.02% to RM2.44 million compared with RM2.07 million in 1Q FY2022.

EPCC services contributed to approximately 99.63% of Samaiden’s revenue in 1Q FY2023. Its other businesses are environmental consultancy and operation and maintenance.

Group Managing Director of Samaiden, Ir. Chow Pui Hee said, “The financial performance in the quarter under review is largely attributable to an increase in the number of projects as well as the higher value of the contract sums. We view positively the launch of the National Energy Policy 2022-2040 in September 2022 as it outlines the future and key priorities for the energy sector in the coming years. The policy will position the energy sector as a catalyst for socioeconomic development.”

“We are also encouraged by the new opening of a 600MW quota application by the Ministry of Energy and Natural Resources’ under the Corporate Green Power Programme (CGPP) initiative. The CGPP uses the virtual power purchase agreement to enable the sale of renewable energy to corporate clients on mutually agreed pricing and contract duration. And the large-scale solar farm developers and/or generators can participate in the electricity market operated by Single Buyer through the New Enhanced Dispatch Arrangement (NEDA) mechanism and trading of the Renewable Energy Certificate (REC) and/or any green attributes.”

“The increasing adoption of solar PV systems and power plants by businesses keen to accelerate their efforts in Environmental, Social and Governance (ESG) initiatives will also provide us opportunities to offer our EPCC services for the installation of solar PV systems as well as solar and non-solar power plants. We will continue to leverage on our core competency and experience in providing end-to-end services for potential solar PV and other non-solar projects.”

Since the start of FY2023, Samaiden has secured new EPCC contracts with a combined value of approximately RM8.10 million. The new contract wins bring the current outstanding orderbook to RM325.40 million as of 30 September 2022 and is expected to contribute positively to revenue and profit over the next three years.

Samaiden Group Berhad: 0223 [BURSA: SAMAIDEN], https://samaiden.com.my/

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