KUALA LUMPUR (July 11): Samaiden Group Bhd’s unit has secured a contract worth RM181.34 million to develop a solar power plant in Sungai Petani, Kedah.

In a filing to Bursa Malaysia on Tuesday (July 11), the company said its wholly owned subsidiary Samaiden Sdn Bhd (SSB) received the contract from Uzma Bhd’s associate company Suria Infiniti Sdn Bhd.

The project is a large-scale solar PV (LSSPV) power plant with a capacity of 50MWac (megawatts), which has been approved by the Energy Commission pursuant to the LSS4 (large-scale solar 4) programme.

The contract is expected to contribute positively towards the future earnings of Samaiden throughout the duration of the project, the renewable energy company said.

The power plant will also be owned by Uzma’s indirect wholly owned subsidiary Uzma Kuala Muda Sdn Bhd.

“We are steadily adding jobs to our EPCC (engineering, procurement, construction and commissioning) business, while at the same time, continuing our strategy to diversify geographically around the region.

“This will help to enhance our financial performance over the longer-term, as we clinch more jobs as the demand for RE grows among businesses and governments on the need for a lower cost source of energy, as well as to meet sustainability commitments,” said group managing director of Samaiden Chow Pui Hee.

Samaiden’s revenue for the nine-month period ended March 31 had increased by 29.37% to RM125.56 million, from RM97.05 million in the preceding year’s corresponding period (9MFY2022).

Profit before tax fell to RM9.48 million compared with the RM11.62 million of 9MFY2022, due to the increase in staff costs to cater for continued expansion of the group’s operation and expenses incurred in relation to the transfer of its listing from the ACE market to Main market on March 31.

Samaiden’s total outstanding orderbook stood at RM388 million.

The shares of the renewable energy company closed at one sen higher or 0.88% to RM1.14 on Tuesday, valuing the company at RM441.62 million.

Uzma’s shares closed unchanged at 67.5 sen, valuing the group at RM237.62 million.