Samaiden Group Berhad (“Samaiden”), a renewable energy (“RE”) specialist principally involved in developing and engineering, procurement, construction, and commissioning of RE systems and power plants, today announced its financial results for the second quarter ended 31 December 2024 (“Q2 FY2025”).
The Group recorded revenue of RM80 million, marking a significant 62.1% increase from RM49.4 million in the preceding quarter (“Q1 FY2025”), which is the highest revenue in single quarter since its listing on the ACE Market and subsequent transfer to the Main Market of Bursa Malaysia Securities Berhad.
The substantial increase in revenue was primarily driven by higher work progress for ongoing projects and commencement of certain large-scale solar projects.
Profit before taxation (“PBT”) for Q2 FY2025 increased to RM6.6 million, reflecting a 50.4% growth from RM4.4 million in Q1 FY2025.
Profit after taxation (“PAT”) also improved, rising 42.4% to RM4.7 million from RM3.3 million in the previous quarter. The improved profitability is attributed to better project execution efficiency and commencement of utilities scale solar project.
On a year-over-year basis, Samaiden registered total revenue of RM129.4 million for the six months ended 31 December 2024 (“6M FY2025”), representing a 36.3% increase from approximately RM95.0 million recorded in the same period in 2023.
PBT for the six-month period reached RM10.9 million, a 34.1% increase from RM8.2 million in the previous year, while PAT rose 31.7% to RM8.1 million.
The growth was fueled by a higher number and value of secured utility-scale solar projects, reflecting Samaiden’s strong position in the renewable energy sector.
Group Managing Director of Samaiden, Datuk Ir. Chow Pui Hee remarked: “Our Q2 FY2025 performance is a testament to our continued execution excellence and strategic positioning in Malaysia’s RE sector.
The remarkable increase in revenue and profit reinforces our ability to capture opportunities in the expanding RE market.
The commencement of new large-scale solar projects, combined with our business growth in commercial and industrial solar projects, puts us in a strong position to sustain this growth trajectory.”
Malaysia’s RE sector continues to present compelling opportunities, driven by policy enhancements such as the revised Solar Self-Consumption Programme, which increases the capacity limit for non-domestic users and expands eligibility for ground-mounted and floating solar systems.
The Energy Commission (“EC”) has also launched an additional tender of 2,000 MW under the Large-Scale Solar (“LSS”) Programme, namely LSS 5+, further strengthening the market outlook for solar project developers.
On 13 January 2025, Bursa Malaysia introduced a new RE sector classification, placing Samaiden under the “Energy” and “Utilities” categories. This inclusion reflects the growing importance of RE players in the capital markets and enhances visibility among investors seeking ESG-aligned opportunities.
Additionally, Samaiden’s wholly-owned subsidiary, Samaiden Sdn. Bhd., has secured a Letter of Notification from the EC to develop a 99.99 MW LSS plant in Pasir Mas, Kelantan.
The project once achieves its commercial operation date, is expected to contribute positively to the Group’s financial performance over the next 21 years, reinforcing its long-term earnings visibility.
As of 31 December 2024, Samaiden’s order book stood at RM515.68 million, reflecting the Group’s strong pipeline of secured projects that will drive future revenue growth.
With Malaysia’s push for a 70% RE mix by 2050 and the increasing adoption of corporate RE supply schemes, Samaiden remains well-positioned to capitalise on emerging opportunities in the sector.
For more information, visit samaiden.com.my.
