|Samaiden Group's financial performance supported by an increase in EPCC project wins|
PETALING JAYA, Malaysia, May 26, 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 Samaiden Group recorded a 385.03% increase in revenue to RM43.80 million for the third quarter ended 31 March 2022 (3Q FY2022) compared with RM9.03 million registered in the corresponding quarter of FY2021 (3Q FY2021).
|Ms. Chow Pui Hee, Group MD of Samaiden|
Profit before tax (PBT) for 3Q FY2022 increased by 257.68% to RM5.73 million compared with RM1.60 million achieved in 3Q FY2021, and profit after tax (PAT) registered an increase by 291.22% to RM4.19 million compared with RM1.07 million in 3Q FY2021.
For the nine-month period ended 31 March 2022 (9M FY2022), Samaiden Group recorded a 243.07% increase in revenue to RM97.04 million compared with RM28.28 million in the corresponding period of FY2021 (9M FY2021) while PBT gained 103.38% to RM11.62 million compared with RM5.71 million in the corresponding period of the previous financial year.
Samaiden Group's PAT gained 104.22% to RM8.51 million in 9M FY2022 compared with RM4.16 million in 9M FY2021.
Group Managing Director of Samaiden, Ir. Ms. Chow Pui Hee said, "We continue to see lots of interest in RE given the government's push to reduce carbon dioxide emissions under the fourth cycle of the Large-Scale Solar programme (LSS4). This has been encouraging for us in terms of our financial performance as we have secured approximately RM300.0 million in EPCC contracts under the fourth cycle LSS scheme, Net Energy Metering and Self Consumption scheme since the start of FY2022. The new contract wins bring the current outstanding orderbook to RM410.0 million, which will contribute positively to Samaiden Group's top and bottom line over the next three years."
"Apart from leveraging our core competency and experience in providing end-to-end EPCC services for solar PV projects, we are expanding sales and technical support locally and in Vietnam. We have also diversified into providing EPCC services for biomass RE power plants and we are in the midst of developing a 1.2 MW biogas power plant in Kelantan that will provide Samaiden Group with a recurring income stream from the sale of electricity produced by the power plant to the state's power grid."
"We are cautiously optimistic that Samaiden Group's financial performance for the rest of FY2022 will be satisfactory as the pipeline of RE projects will increase due to the government's drive for more environmentally friendly and greener sources of energy."
Samaiden Group Berhad: https://samaiden.com.my/
Topic: Press release summary
Source: Samaiden Group Berhad
Sectors: Daily Finance, Daily News, Alternative Energy, Local Biz
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