Samaiden 4Q net profit up 95% to RM3.41 mil on more EPCC contracts

TheEdge Tue, Aug 30, 2022 08:05pm - 3 months View Original

KUALA LUMPUR (Aug 30): Samaiden Group Bhd posted a 95% jump in net profit to RM3.41 million in the fourth quarter ended June 30, 2022 (4QFY22) from 4QFY21's RM1.75 million.

Revenue for the quarter leapt 113% to RM53.67 million against RM25.16 million posted for 4QFY21, largely attributed to the increase in engineering, procurement, construction & commissioning (EPCC) services that contributed to more than 95% of the group's total revenue.

As a result, earnings per share came up to 0.92 sen compared with 0.51 sen in 4QFY21.

For the full FY22, Samaiden's net profit soared 99.1% to RM11.92 million from 5.92 million recorded a year earlier, with revenue increasing 181% to RM150.72 million from RM55.44 million recorded in FY21.

In a separate statement, group managing director Chow Pui Hee said Samaiden 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 renewable energy (RE) as part of their environmental, social and governance (ESG) initiatives.

"These opportunities cover solar PV (photovoltaic) 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 Bhd 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," said Chow.

Samaiden is cautiously optimistic for FY23 as the company also looks to expand its presence through collaborating with its major shareholder, Chudenko Corp, 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 600 MW," he added.

Samaiden's order book was at RM358 million as of June 30, which will contribute positively to its financial performance over the next three years.

At 5pm close on Tuesday (Aug 30), Samaiden shares ended 1.43% or one sen higher at 71 sen for a market capitalisation of RM273.35 million.

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