KUALA LUMPUR (Aug 19): Solarvest Holdings Bhd’s (KL:SLVEST) first-quarter net profit saw a 19.8% increase to RM19.02 million from RM15.88 million a year ago, mainly due to higher share of profits from associate companies.

Revenue for the quarter ended June 30, 2026 (1QFY2027) rose 13.21% to RM155.94 million from RM137.74 million previously, driven by stronger utility-scale solar project contributions, according to the group's bourse filing on Wednesday.

No dividend was declared for the quarter under review.

The group noted that the growth was supported by the continued execution of the Corporate Green Power Programme (CGPP) and progress in the Large Scale Solar 5 (LSS5) programme.

Solarvest was listed on the ACE Market in 2019 before transferring to the Main Market in 2021.

Solarvest’s unbilled order book stood at RM2.37 billion as at June 30, 2026, which will be progressively recognised over FY2027 and FY2028.

The group also said its Powervest programme has secured a cumulative capacity of 135MWp from multiple corporate power purchase agreements, which are expected to contribute RM54.4 million in recurring annual revenue upon full completion within the next 12 to 18 months.

As at end-June, the group stood at a net debt position of RM7.7 million, with total borrowings of RM418.49 million exceeding its cash-related assets comprising cash and bank balances, fixed deposits with financial institutions, and short-term investments in money market funds amounting to RM410.81 million.

Commenting on its prospects, the group said it remains committed to expanding its order book by capitalising on opportunities arising from the Large Scale Solar 6 (LSS6) programme, the Corporate Renewable Energy Supply Scheme (CRESS) as well as the Solar Accelerated Transition Action Programme (Solar ATAP).

“The continued implementation of supportive government policies and large-scale renewable energy (RE) initiatives is expected to sustain industry growth, creating significant opportunities across the RE value chain for EPCC (engineering, procurement, construction and commissioning) players as well as RE developers,” it noted.

According to Bloomberg, out of 12 analysts covering the stock, 11 have ‘buy’ calls and one has a ‘hold’ rating, with target prices ranging from RM2.65 to RM4.31. The 12-month average target price is RM3.45.

Solarvest shares were down three sen or 0.95% at RM3.12 as at Wednesday's noon market break, valuing the group at about RM3.02 billion. The counter is up 29.46% over 12 months.