KUALA LUMPUR (May 28): Ranhill Utilities Bhd (KL:RANHILL), which saw a 6.95% fall in its first quarter net profit, said it is participating in the fifth round of the large scale solar (LSS) competitive bidding process as the group seeks to expand its renewable energy portfolio.
Its net profit for the quarter ended March 31, 202024 (1QFY2024) fell to RM10.35 million or 0.80 sen per share, from RM11.12 million or 0.86 sen per share a year ago, according to the utility group's filing with Bursa Malaysia on Monday.
This is despite revenue rising 8.1% to RM562.35 million from RM520.08 million in 1QFY2023, on the back of higher revenue from its subsidiaries Ranhill Worley Sdn Bhd and Ranhill SAJ Sdn Bhd.
On a quarter-on-quarter basis, the group’s net profit declined 57.74% from RM24.48 million in 4QFY2023 due to a one-off other income recognition and year-end adjustment previously.
Revenue rose marginally from RM557.72 million in 4QFY2023 amid higher revenue from Ranhill SAJ, due to an increase in the domestic tariff hike and higher revenue from Ranhill Worley due to higher chargeable hours and activities.
No dividend was declared for 1QFY2024.
The fifth round of LSS, known as LSS Petra, sees a total capacity of 2,000 megawatts being offered, more than double the capacity offered under the fourth round.
"The closing date of the bidding is on July 25, 2024 with all solar projects under LSS Petra expected to commence operations by year 2027," said Ranhill.
At Monday's market close, shares of Ranhill rose 12 sen or 8.28% to RM1.57, for a market capitalisation of RM2.04 billion. The counter has risen 70.65% year-to-date.