KUALA LUMPUR (Sept 2): Pekat Group Bhd’s (KL:PEKAT) indirect wholly owned unit Solaroo RE (Maldives) Pvt Ltd has secured a 10-year contract worth US$6.9 million (approximately RM30 million) to supply solar-generated electricity to Maldives-based Sun Investments Pvt Ltd.

In a bourse filing on Monday, the solar photovoltaic (PV) systems provider announced that Solaroo had entered into a power purchase agreement with Sun Investments to supply electricity generated from Solaroo’s upcoming solar PV power system.

Under the contract, Solaroo will design, build and operate a solar energy system with a 1,727-kilowatt peak (kWp) capacity, and a 1,398-kilowatt-hour (kWh) battery energy storage system (BESS) at Sun Siyam Vilu Reef Maldives.

The project’s approximate value of US$6.9 million is based on the expected generation of approximately 25.45 million kWh of electricity over the 10-year contract period.

This marks Pekat’s second contract secured within a month. On Aug 12, its wholly owned subsidiary, Pekat E & LP Sdn Bhd (PELP), was awarded a RM21.78 million contract to install earthing and lightning protection for a data centre facility by Gamuda Engineering Sdn Bhd.

Pekat posted a net profit of RM4.64 million in the second quarter ended June 30, 2024 (2QFY2024), up 33.4% year-on-year from RM3.48 million, due to better contributions from its higher-margin earthing and lightning protection (ELP) and trading segments.

However, revenue for the quarter declined 4.86% to RM56.57 million, from RM59.45 million in 2QFY2023, due to lower contributions from its solar PV division, which recorded RM33.15 million in revenue, down from RM42.80 million a year ago, attributable to project execution delays.

Shares in Pekat settled two sen or 2.22% higher at 92 sen on Monday, valuing the company at RM593.37 million. The stock has risen over 114% since the beginning of the year.