Samaiden Delivers Stable Revenue Growth with RM49.4 Million in Revenue for Q1 FY2025

The Group Remains Optimistic on Growth as Renewable Energy Initiatives Gain Traction

PETALING JAYA, 29  NOVEMBER 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 first quarter ended 30 September 2024 ("Q1 FY2025"). The Group recorded a revenue of RM49.4 million, representing a 7.0% increase from RM46.2 million in the corresponding quarter of the previous year ("Q1 FY2024"). This growth is attributed to higher work progress in ongoing projects.

Profit before taxation ("PBT") for Q1 FY2025 rose to RM4.4 million, a 10.6% increase compared to approximately RM3.9 million in Q1 FY2024. Profit after taxation (“PAT”) increased to RM3.3 million, reflecting a 12.4% rise from approximately RM3.0 million in the corresponding quarter last year. The improved profitability demonstrates Samaiden’s effective management of high-margin on-going projects and operational efficiencies, despite incurring a one-off expense of RM1.2 million related to the establishment of its Islamic Commercial Papers (“ICP”) and Islamic Medium-Term Notes (“IMTN”) Programmes.

Compared to the preceding quarter (“Q4 FY2024”), the Group's revenue declined 13.7%, from RM57.2 million to RM49.39 million. This decrease is primarily due to the near completion of most LSS4 projects. However, Samaiden’s focus on cost management and favourable profit margins from ongoing projects helped maintain steady profitability, with PBT reaching RM4.4 million in Q1 FY2025. With that, Samaiden’s Board has declared an interim dividend of 1.5 sen per share, reflecting the Group’s commitment to delivering value to our shareholders while maintaining a robust financial position. The entitlement date of the dividend would be on 16 December 2024 with the payout scheduled on 31 December 2024.

Group Managing Director of Samaiden, Datuk Ir. Chow Pui Hee commented on the results: “Our Q1 FY2025 performance reflects the effectiveness of our strategies in delivering value to stakeholders amidst dynamic market conditions. The sustained growth in revenue and profits, alongside strategic financial initiatives such as the ICP and IMTN Programmes, underscores our ability to align our operations with Malaysia’s push towards a greener future. With an ambitious RE target of achieving a 70% mix by 2050, we remain committed to leveraging our expertise and partnerships to drive the nation’s sustainability agenda forward.”

Looking ahead, Samaiden is well-positioned to benefit from key government initiatives including the upcoming announcement of the Large-Scale Solar 5 (LSS5) program, the Corporate Renewable Energy Supply Scheme (CRESS), the Green Technology Financing Scheme (GTFS), and the extension of the Net Energy Metering (NEM) 3.0 Program. These initiatives are expected to provide a strong foundation for EPCC opportunities, further driving demand for RE solutions, particularly in the commercial, industrial, and residential sectors. In addition, the Group’s recent establishment of PT Samaiden Energy Indonesia marks a significant step in expanding its footprint into the Indonesian RE market.

As of 29 November 2024, Samaiden's order book reached RM521.16 million, breaking its record high since its inception. This robust pipeline of projects is expected to contribute positively to the Group's performance in the coming quarters. The Group remains optimistic about sustaining its growth trajectory, driven by Malaysia’s supportive policies and its strategic expansion into regional markets.