Samaiden Concludes FY2024 With Record RM227.2 Million in Revenue and RM21.9 Million in PBT

Strategic Expansion and High-Profit Margins Projects Continues to Drive Impressive Financial Results

PETALING JAYA, 29 AUGUST 2024 – Samaiden Group Berhad ("Samaiden"), a renewable energy (“RE”) specialist principally involved in developing and engineering, procurement, construction, and commissioning (“EPCC”) of solar photovoltaic (“PV”) systems and power plants, today announces its financial results for the fourth quarter ended 30 June 2024 ("Q4 FY2024"). The Group recorded a robust revenue of RM57.2 million, reflecting a 26.5% increase from RM45.2 million in the corresponding quarter of the previous year ("Q4 FY2023"). This growth is primarily driven by an increase in project quantity and value in the current quarter.

Profit before taxation ("PBT") for Q4 FY2024 soared to RM8.1 million, marking a substantial 106.9% increase compared to RM3.9 million in Q4 FY2023. This significant rise in PBT is largely attributed to the higher profit margins reaped from ongoing projects as well as improving operational efficiencies. The Group's profit after taxation ("PAT") also showed impressive growth, reaching RM5.8 million, up 86.5% from RM3.1 million in the same quarter last year.

For the financial year ended 30 June 2024 ("FY2024"), Samaiden reported a record revenue of RM227.2 million, representing a 33.0% increase from RM170.8 million recorded in the previous year ("FY2023"). The Group's PBT for FY2024 surged to RM21.86 million, a 63.2% increase from RM13.95 million in FY2023. The strong revenue growth is underpinned by higher revenue contributions from large-scale solar projects and the commercial and industrial sectors, which continue to exhibit high-profit margins.

In a quarter-on-quarter comparison, the Group’s revenue decreased by RM17.8 million, or 23.7%, to RM57.2 million from RM75.0 million in the previous quarter (“Q3 FY2024”). This decline in revenue is primarily attributed to the near completion of most LSS4 projects during the previous quarter. However, despite the decrease in revenue, PBT increased by 44.5% from RM5.6 million in Q3 FY2024 to RM8.1 million in Q4 FY2024, demonstrating the Company’s effective cost management and higher profit margins from ongoing projects.

With that historical achievement, Samaiden's Board has announced a single-tier dividend of 0.7 sen per share, marking a higher payout than last year. The entitlement date of the dividend would be on 26 September 2024 with the payout scheduled for 25 October 2024. This dividend will be reflected in the financial results for the quarter ending 30 September 2024.

Group Managing Director of Samaiden, Datuk Ir. Chow Pui Hee remarked, “Our record FY2024 results reflect the effectiveness of our strategic initiatives and our ability to adapt to the evolving Renewable Energy (“RE”) sector. The substantial increase in revenue, PBT and PAT underscores our focus on favourable margin projects and efficient cost management. As Malaysia continues to push towards a 70% renewable energy mix by 2050, Samaiden remains strategically positioned to lead in this green transformation.”

Datuk Ir. Chow further commented, “Our establishment of Multi-currency Islamic Medium-term Notes (IMTN) and Islamic Commercial Papers (ICP) Programmes will provide the Group with essential financial flexibility to accelerate growth. These Programmes will also diversify our funding sources, attract sophisticated investors, and enhance our capacity to undertake large-scale projects both domestically and regionally.”

Looking ahead, Samaiden’s strategic positioning is bolstered by Malaysia’s comprehensive RE initiatives and a strong emphasis on Environmental, Social, and Governance ("ESG") principles. The Group’s ongoing projects, supported by the recent partnership agreements and a robust order book of RM313.52 million as of 30 June 2024, are expected to contribute positively to the Group over the next few years.