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Samaiden Records RM48.8 Million in Revenue, Showcasing Strong Q2 FY2024 Performance

Publish date: Wed, 21 Feb 2024, 09:42 PM

Samaiden Records RM48.8 Million in Revenue, Showcasing Strong Q2 FY2024 Performance

Renewable Sector Continues to Thrives as Samaiden Capitalises on Government Green Initiatives

PETALING JAYA, 21 FEBRUARY 2024 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 announces the financial results for the second quarter ended 31 December 2023 (“Q2 FY2024”). The Group showcased a remarkable performance with a revenue of RM48.8 million, marking a 21.4% increase from RM40.2 million in the corresponding quarter of the previous year (“Q2 FY2023”). This growth is primarily attributed to accelerated work progress of ongoing projects.

Profit before taxation (“PBT”) for Q2 FY2024 reached RM4.2 million, up from RM3.5 million in the same quarter last year, reflecting a 20.0% increase. The rise in PBT is in line with the higher revenue and was partially offset by increased professional and stamp duty fees incurred for additional bank facilities.

Year-to-date, Samaiden recorded a revenue of RM95.0 million, compared to RM81.0 million in the previous year, and a PBT of RM8.2 million, up from RM6.8 million, showcasing the Group's sustained growth trajectory and effective management strategies.

The quarter-on-quarter comparison further highlights Samaiden's consistent performance with revenue and PBT increasing from RM46.2 million and RM3.9 million, respectively, in the immediate preceding quarter (“Q1 FY2024”).

Ir. Chow Pui Hee, Group MD of Samaiden

Group Managing Director of Samaiden, Ir. Chow Pui Hee stated, “The encouraging revenue growth to RM48.8 million in Q2 FY2024 is a testament to our strategic alignment with Malaysia's burgeoning RE sector. The government's steadfast initiatives, including the Corporate Green Power Programme (“CGPP”), the launch of the fifth large-scale solar (“LSS”) programme, and the continuation of the Green Electricity Tariff (“GET”) programme, provide a fertile ground for our future projects and aspirations. With the nation's ambitious shift towards a 70% RE mix by 2050, Samaiden is perfectly positioned to play a pivotal role in this green transformation. Our recent achievements, bolstered by these supportive policies, underscore our commitment to powering Malaysia's sustainable energy future.”

Looking to the future, Samaiden's strategic positioning is further reinforced by Malaysia's comprehensive RE initiatives and a strong emphasis on Environmental, Social, and Governance (“ESG”) principles. The government's active promotion of ESG, exemplified by the introduction of the ESG Reporting Platform by Bursa Malaysia, presents a conducive environment for Samaiden's growth and the Group’s pivotal role in advancing Malaysia's RE landscape.

As at 31 December 2023, the total orderbook of Samaiden stood at RM358.2 million, which is expected to contribute positively to the Group for the next three years.

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