Samaiden Wins RM181 Million Solar Power Plant Contract
PETALING JAYA, 11 JULY 2023 – Samaiden Group Berhad (“Samaiden”), a renewable energy (“RE”) specialist principally involved in engineering, procurement, construction, and commissioning (“EPCC”) of solar photovoltaic (“PV”) systems and power plants today announced that Samaiden Sdn Bhd (“SSB”), a wholly owned subsidiary of Samaiden, has been awarded a contract valued at RM181.34 million by Suria Infiniti Sdn.Bhd., an indirect associate company of Uzma Berhad, to develop a solar power plant at Mukim Sungai Petani, Kuala Muda, Kedah. Uzma Kuala Muda Sdn. Bhd., an indirect wholly-owned subsidiary of Uzma Berhad is the owner of the solar power plant.
The project is a large-scale solar PV (“LSSPV”) power plant with a capacity of 50MWac which has been approved by the Energy Commission pursuant to the LSS4 programme. The contract awarded to SSB is expected to contribute positively towards the future earnings of Samaiden throughout the duration of the project.
Group Managing Director of Samaiden, Ir. Chow Pui Hee said, “We are steadily adding jobs to our EPCC business while at the same time, continuing our strategy to diversify geographically around the region. This will help to enhance our financial performance over the longer-term as we clinch more jobs as the demand for RE grows among businesses and governments on the need for a lower cost source of energy as well as to meet sustainability commitments”.
Samaiden’s revenue for the nine-month period ended 31 March 2023 had increased by 29.37% to RM125.56 million from RM97.05 million in the preceding year’s corresponding period (“9MFY2022″) while profit before tax had decreased to RM9.48 million as compared with the RM11.62 million of 9MFY2022 due to the increase in staff costs to cater for continued expansion of the Group’s operation and professional fee and listing expenses incurred in relation to the transfer of listing from the ACE to Main market on 31 March 2023.
Samaiden’s total outstanding orderbook, which stood at RM388 million as at today, is expected to contribute positively to revenue and profit over the next three years.