KUALA LUMPUR (Feb 24): Solarvest Holdings Bhd (KL:SLVEST) is set to achieve its best full-year performance since listing, boosted by utility scale solar farm jobs that supported net profit in its third quarter ended Dec 31, 2025 (3QFY2026).

The latest quarterly net profit rose 46.27% to RM21.03 million, from RM14.37 million, Solarvest’s filing showed on Tuesday. Earnings per share however came in at 2.33 sen for the quarter, from 2.01 sen, a 15.09% jump.

Quarterly revenue rose 33.84% to RM181.22 million, from RM135.4 million, Solarvest said. No dividend was announced for the quarter.

Net profit for the nine months ended December (9MFY2026) consequently rose 77.12% to RM55.63 million or 6.8 sen per share, from RM31.41 million or 4.49 per share.

Revenue rose 56.57% to RM488.43 million, from RM311.95 million.

Solarvest has been on an expansion drive, completing a RM254.1 milliion private placement in November — its second in two years — involving 84.7 million shares at RM3.04 per share.

The group’s engineering, procurement, construction, and commissioning (EPCC) segment generated RM427.2 million or 87.5% of total revenue, versus RM24.2 million from green energy generation.

“The group reported a solid RM1.543 billion unbilled EPCC order book, providing earnings visibility through FY2028, alongside a 9.81GWp tender book across Malaysia (8.73GWp) and overseas markets (1.08GWp),” it said.

“On electricity sales, the group has secured a cumulative capacity of 135MWp from multiple corporate power purchase agreements, which is expected to contribute RM52.4 million annual recurrent revenue upon full completion within the next 12 to 18 months,” it added.

On prospects, Solarvest said while solar panel prices are expected to recover following a cyclical low in 2025, the impact is expected to be minimal, as it had proactively secured a sizeable blanket order of solar modules in the second half of 2025 at locked-in prices to meet its current and near-term project requirements.

Global producer China will remove value-added tax (VAT) export rebate for solar panels effective April.

“Of the secured capacity, only approximately 30% is exposed to the 9% VAT impact, while the remaining capacity is structured with VAT pass-through to new contracts,” Solarvest said.

Shares of Solarvest slipped four sen or 1.75% to RM2.24 ahead of the announcement on Tuesday, giving it a market capitalisation of RM2.13 billion. The stock is down 32% this year.