Samaiden Posts RM44.56 Million in Revenue for 3Q

 RE industry’s outlook supported by market trends and businesses looking to lower energy costs

PETALING JAYA, 24 MAY 2023 – Samaiden Group Berhad ("Samaiden"), a renewable energy (“RE”) specialist principally involved in engineering, procurement, construction, and commissioning (“EPCC”) of solar photovoltaic (“PV”) systems and power plants today reported revenue of RM44.56 million for the third quarter ended 31 March 2023 (“3Q FY2023”) compared with RM43.80 million in the corresponding quarter of the previous financial year on more rapid work progress for ongoing projects in the current quarter.

Profit before tax (“PBT”) for 3Q FY2023 decreased 52.53% to RM2.72 million compared with RM5.73 million in 3Q FY2022 due to lower margin for on-going projects, increase in staff costs to cater for continued expansion of the Group’s operation and professional fee and listing expenses incurred in relation to transfer listing from ACE to Main market, which completed on 31 March 2023.

For the quarter under review, EPCC services contributed to approximately 99.96% of Samaiden’s revenue while the sale of electricity generated through own solar PV facility contributed to the remainder.

For the nine-month period ended 31 March 2023 (“9M FY2023”), revenue increased 29.37% to RM125.56 million from RM97.05 million in 9M FY2022 while PBT decreased to RM9.48 million compared with RM11.62 million.

Group Managing Director of Samaiden, Ir. Chow Pui Hee said, “A combination of government initiatives and measures as well as the private sector’s need to lower energy costs and adoption of Environmental, Social and Governance (“ESG”) commitments will continue to support the RE industry. We believe that Malaysia’s energy transition plans and ESG commitments as announced under the National Energy Policy 2022-2040 will have a positive impact to the economy through the creation of high-value jobs and the nurturing of industries revolving around green technologies.”

“By taking into account the operating costs and market trends, these initiatives provide us with opportunity to provide comprehensive EPCC services for clean energy systems and power plants. Our commitment to leveraging our core competencies and vast experience in providing end-to-end services for clean energy projects will enable us to continue meeting the evolving needs of our customers while making a positive impact on the environment.”

Samaiden recently signed MoUs in Cambodia with Royal Group Cambodia Co., Ltd to develop land alongside railway tracks operated by Royal Railway plc for RE and other sustainable economic activities and, Mong Sotheary Trading Co., Ltd. to develop a biogas project in Preah Sihanouk province.

Samaiden’s total outstanding orderbook stood at RM245.55 million as at 31 March 2023 and is expected to contribute positively to revenue and profit over the next three years.