KUALA LUMPUR: Northern Solar Holdings Bhd, a leading renewable energy solutions provider, recorded revenue of RM28.0 million in the first quarter (Q1) ended June 2025 (FY26), a 35.8% increase from RM20.7 million in Q4 FY25.
This growth was primarily driven by higher project billings from EPCC activities, which contributed RM27.4 million, representing 97.8% of total revenue.
Profit before tax (PBT) rose significantly by 132.4% quarter-on-quarter to RM5.6 million, compared to RM2.4 million in Q4 FY25.
Profit after tax (PAT) came in at RM3.8 million, supported by improved revenue recognition and operational efficiencies.
Managing director Lew Shoong Kai said the company is encouraged by the strong start to FY26, which demonstrates the resilience of its business model and the demand for its solar EPCC solutions.
“The quarter’s solid revenue growth and profit improvement reflect our ability to deliver projects efficiently, while maintaining disciplined cost control.
“With our strengthened financial position post-IPO, we are now actively preparing to participate in Malaysia’s upcoming large-scale solar opportunities,” he said in a statement.
As of June 30, 2025, Northern Solar’s balance sheet remained healthy with RM50.1 million in cash and bank balances and a low gearing ratio of 0.12x.
This robust position provides the group with the flexibility to bid on larger and more complex projects while ensuring operational sustainability.
As of July 1, 2025, the group’s order book stood at RM110 million, reflecting continued demand for solar EPCC services.
The group also maintains a robust tender book of RM1.96 billion, which now includes submissions for utilities and large-scale solar (LSS) projects, underpinning strong earnings visibility.
Malaysia’s renewable energy sector continues to gain momentum, with the government targeting a 70% renewable energy mix by 2050.
Key initiatives under the National Energy Transition Roadmap (NETR), including the Corporate Renewable Energy Supply Scheme (CRESS), the Community Renewable Energy Aggregation Mechanism (CREAM), and investments in Battery Energy Storage Systems (BESS), are expected to drive industry expansion.
In particular, the upcoming LSS5, LSS5+ and LSS6 programmes, projected to unlock RM15–18 billion in contracts over the next two years, represent the largest solar rollout in Malaysia’s history.
With a stronger balance sheet following its listing and proven EPCC expertise, Northern Solar is strategically positioned to capitalise on these opportunities.
“Looking ahead, we are focused on expanding into large-scale solar projects, while continuing to strengthen our recurring revenue segment from renewable energy generation.
“Our strategy remains clear – to leverage our solid financial foundation, robust project pipeline, and industry tailwinds to drive sustainable long-term growth and value creation for our shareholders,” Lee said.
