Northern Solar Targets 20 Pct Revenue Growth In FY2025
By Zufazlin Baharuddin
KUALA LUMPUR, Feb 6 (Bernama) -- Northern Solar Holdings Bhd is targeting a 20 per cent rise in revenue growth for the financial year ending March 31 2025 (FY2025) versus RM77.97 million a year ago.
Managing director Lew Shoong Kai is optimistic about the target, underpinned by an unbilled order book of RM83.2 million as at Nov 19, 2024.
“This unbilled order book will keep the company busy for the next 12 months and will be recognised as revenue in FY2025 and FY2026, based on the expected progress of each project,” he told reporters at a press conference after its listing today.
The company made its ACE Market debut at 90 sen, with a premium of 27 sen over its initial public offering (IPO) price of 63 sen, with 11.97 million shares traded.
Northern Solar has completed 1,165 engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) system projects under the Net Energy Metering and self-consumption programmes as of Nov 19, 2024.
It has an RM83.2 million unbilled order book comprising RM68.6 million EPCC of solar PV systems projects for commercial and industrial segment buildings, RM13.8 million for residential buildings and the remaining RM0.8 million for solar PV equipment and system project operations and maintenance.
As at Nov 19, 2024, the company’s tender book rose to RM1.8 billion. It participated in more private and public project tenders throughout Malaysia, which jumped significantly from RM272.5 million as of May 15, 2024.
It has 387 tenders for the EPCC of solar PV system projects currently.
“We will continue to follow up and convert all these tenders into our other books,” he said.
The company plans to expand across Malaysia establishing offices in Johor and Penang while exploring opportunities in other states, Lew said. He also has plans to expand the company’s footprint in Southeast Asia.
“There are some potential countries. We will discuss this with the board,” he said.
On a separate note, Lew sees no direct impact from the shutdowns and downsizing of Chinese-owned solar panel manufacturers in Malaysia following the United States (US) tariff hikes.
“Chinese solar panel manufacturers set up plants here primarily for export to the US while we source our panels directly from China,” he said.
The media reported that several Chinese-owned solar panel makers shut down or scaled back operations in Malaysia as US tariff hikes in 2024 reduced margins with further hikes expected.
-- BERNAMA
