KUALA LUMPUR (May 19): Samaiden Group Bhd (KL:SAMAIDEN) on Tuesday reported its highest-ever quarterly net profit, driven by stronger margins from newly commenced projects as well as improved supply chain and cost management.

Net profit for the third quarter ended March 31, 2026 (3QFY2026) jumped 81.2% to RM9.12 million from RM5.04 million a year earlier, despite revenue declining 23.9% to RM67.86 million from RM89.17 million.

Operating profit margin expanded sharply to 19.7% from 7.8% in 3QFY2025.

In a bourse filing, Samaiden attributed the lower quarterly revenue mainly to reduced revenue recognition from certain Large Scale Solar 5 (LSS5) projects, which remained in the early site-preparation stage.

The group said the recent cancellation of export value-added tax rebates on photovoltaic products in China did not materially affect its performance, as module supply for secured projects had been substantially locked in, limiting exposure to spot pricing fluctuations.

No dividend was declared for the quarter.

For the first nine months of FY2026, Samaiden's cumulative net profit surged 85.2% to RM24.31 million from RM13.13 million in the previous year, while revenue rose 18.4% to RM258.76 million from RM218.6 million.

The stronger nine-month performance was largely driven by the commencement and progressive construction of several utility-scale solar and corporate green power programme (CGPP) projects.

The group’s order book stood at RM488.4 million, providing near-term earnings visibility, while its expanding renewable energy asset portfolio is expected to enhance recurring income contribution over time.

Group managing director Datuk Chow Pui Hee said the results reflected the group’s execution capabilities and the strength of its project pipeline.

“While revenue recognition in 3QFY2026 was moderated by the early-stage progress of certain LSS5 projects, the improvement in profitability shows that we are managing our projects with greater cost discipline and supply chain efficiency,” he said.

“As more utility-scale solar and CGPP projects move into progressive construction phases, we remain focused on delivering sustainable growth while maintaining operational resilience,” she added.

Looking ahead, Samaiden said the anticipated rollout of the Large Scale Solar 6 (LSS6) programme, which is expected to incorporate energy storage components, could further expand opportunities in the utility-scale segment while accelerating the adoption of battery energy storage systems.

The group also sees potential upside from the newly launched National Carbon Market Policy, which could enable it to generate and trade carbon credits, creating an additional revenue stream while strengthening its position as a comprehensive clean energy solutions provider.

Shares in Samaiden closed down two sen or 1.6% at RM1.21 on Tuesday, valuing the group at RM637.75 million. Over the past one year, the stock has gained 10%.