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| Topline performance largely attributable to increase in the number and contract value of EPCC projects |
PETALING JAYA, Malaysia, Aug 30, 2022 - (ACN Newswire) - Samaiden Group Berhad, a renewable energy (RE) specialist principally involved in engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants today announced that for the fourth quarter ended 30 June 2022 (4Q FY2022), revenue increased 113.35% to RM53.68 million compared with RM25.16 million recorded in 4Q FY2021.
 | | Group Managing Director of Samaiden, Ir. Chow Pui Hee |
Samaiden registered profit before tax (PBT) of RM4.78 million for 4Q FY2022, which is an increase of 104.27% compared with RM2.34 million in 4Q FY2021 while profit after tax (PAT) recorded an increase of 95.43% to RM3.42 million compared with RM1.75 million in the corresponding quarter of the previous financial year.
For the full year ended 30 June 2022 (FY2022), Samaiden registered revenue of RM150.72 million, which is an increase of 182.0% compared with RM53.44 million recorded in FY2021. Samaiden recorded a 103.73% gain in PBT to RM16.40 million in FY2022 compared with RM8.05 million while PAT increased 101.52% to RM11.93 million in FY2022 compared with RM5.92 million in the corresponding period of the previous financial year.
EPCC services contributed more than 95% of Samaiden's total revenue for the year. Its other businesses are environmental consultancy and operation and maintenance.
Group Managing Director of Samaiden, Ir. Chow Pui Hee said, "Our performance for FY2022 can be largely attributed to the increase in the number of EPCC projects and the contract value of these projects. We will continue to seek opportunities to secure more EPCC projects given government initiatives in encouraging sustainable energy sources as well as private sector adoption of RE as part of their Environmental, Social and Governance (ESG) initiatives."
"These opportunities cover solar PV systems and also solar and non-solar power plants where we can leverage on our core competency and experience in providing end-to-end services. Beyond the domestic market, we are also seeking opportunities in Southeast Asia where ESG initiatives are also picking up. We announced in August 2022 to incorporate a joint venture company pursuant to the partnership with Aneka Jaringan Holdings Berhad to penetrate the RE market in Indonesia. This latest announcement is in addition to the setting up of a company in Vietnam in 2021 for potential solar projects."
"We are cautiously optimistic for FY2023 as we also look to expand our presence through collaborating with our major shareholder, Chudenko Corporation, for projects in Malaysia and the region that will be beneficial for both parties. We are also encouraged by the recent government announcement approving the allocation of 1,200 MW of solar power as well as a new option for businesses to procure RE through the virtual power purchase agreement, which will start in the fourth quarter of 2022 through a quota of 600MW."
Samaiden has an outstanding orderbook of RM358.0 million as of 30 June 2022 that will contribute positively to our financial performance over the next three years.
About Samaiden Group Berhad
Samaiden Group Berhad, through its subsidiary is a renewable energy (RE) specialist incorporated in 2013, principally involved in engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems and power plants. Samaiden Group's other activities include the provision of RE and environmental consulting services, as well as operation and maintenance (O&M) services. For more information, visit samaiden.com.my.
Topic: Press release summary
Source: Samaiden Group Bhd
Sectors: Daily Finance, Daily News, Alternative Energy, Local Biz
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