KUALA LUMPUR (Feb 28): Renewable energy player Sunview Group Bhd has partnered with the Administration of Kashkadarya, Uzbekistan to explore possibilities of developing a 500 MWac solar photovoltaic (PV) plant in the region of Kashkadarya, commonly referred to as Qashqadaryo, with an estimated total cost of US$1 billion (RM4.78 billion).
In a filing with Bursa Malaysia on Wednesday, Sunview said its wholly-owned Fabulous Sunview Sdn Bhd entered into a strategic business partnership agreement with the Administration of Kashkadarya, which serves as a preliminary platform, fostering collaboration between the parties to establish a foreign enterprise in Kashkadarya region to facilitate the implementation of the project.
As part of the agreement, Sunview will send representatives to the Kashkadarya region to explore possibilities of implementing the project, engage in negotiations with local partners, and evaluate existing operational processes.
"We are thrilled to announce this collaboration as it underscores Sunview’s commitment in advancing renewable energy initiatives and global sustainability. This project will not only open new horizons for Sunview to extend its geographical presence beyond the local market but also accelerate the transition to renewable energy in the Kashkadarya region. We are optimistic this partnership will yield a positive outcome for us," said Sunview executive director and chief executive officer Ong Hang Ping.
Sunview 3Q net profit down 34% due to lower profit margin
Separately, Sunview reported that its net profit for the third financial quarter ended Dec 31, 2023 (3QFY2024) fell 34.3% to RM1.53 million from RM2.34 million in the previous year's corresponding quarter, due to lower gross profit margin because of competitive power purchase agreement tariffs.
Quarterly revenue almost halved to RM49.69 million from RM96.93 million in 3QFY2023, mainly due to the group's focus on the progress of installing large-scale solar 4 projects (LSS4 projects) as compared to the previous corresponding financial period.
For the nine months ended Dec 31, 2023 (9MFY2024), Sunview recorded a net profit of RM4.96 million, down 32.6% from RM7.36 million in the previous year, despite revenue leaping 74.9% to RM362.74 million from RM207.38 million.
At Wednesday's market close, shares of Sunview were down 1.5 sen or 2.17% at 67.5 sen with a market capitalisation of RM344.61 million.