Samaiden records high quarterly revenue of RM75 million, impressive Q3 FY2024 performance

PETALING JAYA: 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 posted a remarkable revenue of RM75 million, representing a significant 68.3% increase for the third quarter ended March 31, 2024 (Q3 FY2024) from RM44.6 million in the corresponding quarter last year (Q3 (FY2023).

The company said that this growth is driven mainly by the higher progress of ongoing projects.

Profit before taxation (PBT) for Q3 FY2024 rose to RM5.6 million, compared to RM2.7 million in Q3 FY2023, marking a substantial 106.1% increase. The growth in PBT highlights an improvement in Samaiden’s profitability over the past year, reflecting the company’s better enhanced operational efficiency and successful project execution. This increase is primarily driven by the substantial increase in revenue, indicating more sales and project completions despite increased financial costs.

Year-to-date, Samaiden reported a revenue of RM170 million, compared to RM125.6 million in the previous year, and a PBT of RM13.8 million, up from RM9.5 million. These results demonstrate the Group's sustained growth trajectory and effective management strategies.

The year-to-date revenue, it said is nearly equivalent to the entire FY2023 revenue of RM170.8 million. The PBT represents a 45.1% rise, outpacing the revenue increase and suggesting improved profit margins and operational efficiency.

Comparing Q3 FY2024 to the preceding quarter (Q2 FY2024), Samaiden saw a 53.6% increase in revenue from RM48.8 million to RM75 million, indicating a surge in project completions and billings within the quarter. Similarly, PBT increased by 33.3% from RM4.2 million in Q2 FY2024 to RM5.6 million in Q3 FY2024, reflecting the Company's strong operational execution and effective scaling of its business operations.

Group managing director Chow Pui Hee remarked, “Achieving RM75 million in revenue for Q3 FY2024 underscores our effective strategies and the robust demand in Malaysia’s RE sector. The government’s initiatives, such as the Corporate Green Power Programme (CGPP), the launch of the fifth large-scale solar (LSS) programme, and the Green Electricity Tariff (GET) programme, significantly bolster our growth prospects. As Malaysia targets a 70% renewable energy mix by 2050, Samaiden is strategically positioned to lead and support this ambitious transformation. Our continued growth, driven by these supportive policies, highlights our unwavering commitment to advancing Malaysia’s sustainable energy landscape.”

Looking forward, Samaiden's strategic positioning is further strengthened by Malaysia's comprehensive RE initiatives and a strong emphasis on Environmental, Social, and Governance (ESG) principles. The introduction of the ESG Reporting Platform by Bursa Malaysia exemplifies the government's active promotion of ESG, creating a conducive environment for Samaiden's growth and the Group’s crucial role in advancing Malaysia’s RE landscape.

As of March 31, 2024, the total orderbook of Samaiden stood at RM354.3 million, which is expected to positively contribute to the Group over the next three years.