Solarvest posts Rm3.6mil second quarter profit

PETALING JAYA: Solarvest Holdings Bhd, which is en route to an Ace Market listing on Nov 26, has reported a profit after tax of Rm3.6mil in the second quarter of financial year 2020.

The solar photovoltaic system specialist recorded a revenue of Rm102.4mil in the three-month period.

There are no comparative figures for the preceding year’s corresponding period.

Meanwhile, for the first half of financial year 2020 (1H20), Solarvest recorded a profit after tax of Rm7.8mil, against a total revenue of Rm140mil.

For context, the company’s Rm140mil top line in the six-month period has surpassed the full year revenue of Rm112.2mi registered in the financial year of 2019.

Solarvest’s turnkey engineering, procurement, construction and commissioning segment contributed 98% of the total revenue in the first half. Out of which, 75% is from the large scale solar photovoltaic (LSSPV) segment, while 23% was for work done in the residential, commercial and industrial segment.

According to Solarvest group chief executive officer Davis Chong, the company’s order book replenishment also progressed well with the addition of new orders worth Rm128.3mil in 1H20, of which RM105.7 million is contributed by residential, commercial and industrial segment

“As at Sept 30, our outstanding order book stood at Rm184.5mil, and this is expected to contribute progressively to the group’s revenue in FY20 and FY21.

“Looking ahead, we aim to strengthen our foothold in both the LSSPV and residential, commercial and industrial segments with the funds that we will be raising from our upcoming listing exercise,” he added.

As at end-sept 2019, Solarvest was in a net cash position of Rm7.6mil, with total gross cash in hand of Rm24.5mil, exceeding total borrowings of Rm16.9mil. Gearing ratio was at 0.4 times.