Regional clean energy expert, Solarvest Holdings Berhad, today announced robust growth in 3QFY26, with revenue of RM181.2 million, up 33.8 per cent from RM135.4 million in the corresponding quarter last year (3QFY25). Gross profit margin improved to 28.8 per cent from 27.7 per cent a year ago (3QFY26: RM52.2 million; 3QFY25: RM37.5 million).
Profit after tax and non-controlling interest (net profit) rose to RM21.0 million, up 45.8 per cent from RM14.4 million in 3QFY25. The strong performance was primarily driven by utility-scale projects, supported by the commencement of the Large Scale Solar 5 Programme (LSS5) and the continued execution of the Corporate Green Power Programme (CGPP). Net profit margin maintained steady at 11.6 per cent, compared to 10.6 per cent in 3QFY25.
For 9MFY26, the Group achieved its highest-ever revenue of RM488.4 million, up 56.5 per cent from RM312.0 million in the same period last year, with a healthy gross profit margin sustained at 28.8 per cent (9MFY26: RM140.6 million; 9MFY25: RM92.7 million).
Net profit for the period increased to RM55.6 million, up 77.1 per cent from RM31.4 million in the corresponding period of the preceding year. The higher net profit was mainly driven by stronger contributions across all segments, as well as a higher share of profits from associate companies. Correspondingly, net profit margin improved to 11.4 per cent, compared with 10.1 per cent in 9MFY25.
The engineering, procurement, construction, and commissioning (EPCC) segment continued to be the Group’s main revenue contributor, generating RM427.2 million or 87.5 per cent of total revenue. The renewable energy generation segment also posted steady growth, with electricity sales increasing 26.7 per cent year-on-year to RM24.2 million (9MFY25: RM19.1 million).
On electricity sales, the Group has secured a cumulative capacity of 135MWp from multiple corporate power purchase agreements under the Powervest Programme, which is expected to contribute RM52.4 million annual recurrent revenue upon full completion within the next 12 to 18 months.
Executive director and group chief executive officer of Solarvest, Dato’ Davis Chong Chun Shiong said, “We are pleased to report that the Group continues to chart a positive growth trajectory, underpinned by the timely execution of ongoing projects and a healthy pipeline of opportunities. The Group has also achieved another record-high unbilled EPCC order book of RM1,543 million, which will be progressively recognised over the financial years ending 31 March 2026 and 2028.
“Looking ahead, Malaysia’s renewable energy (RE) agenda continues to gain strong momentum, with solar energy expected to play a pivotal role in achieving the nation’s target of a 70 per cent RE mix by 2050. Government-led initiatives such as Solar Accelerated Transition Action Programme (Solar ATAP) are expected to further strengthen the Group’s project pipeline, particularly across the commercial, industrial, and residential segments.”
In relation to a recent announcement by the China Ministry of Finance and State Taxation Administration in early January 2026, the removal of the nine per cent value-added tax (VAT) export rebate for solar panels is effective on 1 April 2026.
While solar panel prices are expected to recover following a cyclical low in 2025, the impact on the Group is expected to be minimal, as Solarvest had proactively secured a sizeable blanket order of solar modules in 2H 2025 at a locked-in price, sufficient to meet its current and near-term project requirements.
Of the secured capacity, only approximately 30 per cent is exposed to the nine per cent VAT impact, while the remaining capacity is structured with VAT pass-through to new contracts. These procurement contracts are supported by refundable deposits and bank guarantees, providing strong protection against non-performance. Leveraging long-standing relationships with established suppliers, the Group does not anticipate any execution or delivery risks arising from the recent price movements.
“We are actively building momentum to convert our robust tender book – comprising 8.73 GWp in Malaysia and 1.08 GWp in international markets – into operational projects. By prioritising the realisation of these 9.81 GWp opportunities, the Group aims to accelerate growth and reinforce its position in both domestic and overseas RE markets,” concluded Dato’ Davis.
Source: Solarvest (Press Release)