KUALA LUMPUR (June 7): Renewable energy player Sunview Group Bhd (KL:SUNVIEW) has secured a RM51.9 million contract to build a 44.99 MWp solar photovoltaic (PV) plant in Kuala Ketil, Kedah.

Sunview’s wholly owned unit Fabulous Sunview Sdn Bhd accepted the letter of award by Cenergi Solar Kuala Ketil Sdn Bhd on Friday, a company which is involved in the installation of non-electric solar energy collectors.

Sunview informed the stock exchange that the project will begin on June 10, and must reach commercial operations by June 24, 2025, unless extended in writing by Cenergi.

The contract is expected to contribute positively to the group’s future earnings for the duration of the project, it added. 

Sunview’s net profit declined by 26.32% year-on-year (y-o-y) to RM9.58 million for the financial year ended March 31, 2024 (FY2024), mainly due to higher administrative expenses and finance cost, as well as goodwill impairment. 

In contrast, revenue for FY2024 grew 34.28% y-o-y to RM465.93 million, contributed by the progress in large scale solar (LSS) and commercial and industrial rooftop projects. 

As at end-March, Sunview had RM51.15 million in cash and short-term deposits, with short-term borrowings at RM91.68 million and long-term borrowings at RM36.63 million.

Shares of Sunview closed one sen or 1.44% higher at 70.5 sen on Friday, giving it a market capitalisation of RM362.93 million.