KUALA LUMPUR (Sept 22): Solarvest Holdings Bhd, which has been impacted by the pandemic and the resultant lockdowns, said it has seen improvements, especially for its commercial and industrial segment, after getting back into operation in September.

"We are almost back to 100% now for our operation capacity in the construction of commercial industrial projects," said group chief executive officer Davis Chong.

"Of course, there (has been) an impact on the operation in the last few months but we don't see any project cancellations at all for our project pipeline.

"It is fortunate to see the revenue stream for projects being delayed rather than being cancelled," said Chong at the virtual launch of the clean energy specialist's new solar financing programme, Powervest, today.

Solarvest, which is expected to announce its financial results for its first quarter ended June 30, 2021 (1QFY22) by the end of this month, saw its net profit surge 65.13% to RM6.3 million in 4QFY21, from RM3.81 million a year earlier, on higher contributions from the residential, and commercial and industrial segments.

Revenue rose 23% to RM63.16 million from RM51.35 million in 4QFY20. For the full financial year, Solarvest's net profit grew 3.02% to RM16.14 million from RM15.67 million in the previous year, while revenue dropped 11.5% to RM224.29 million from RM253.43 million.

On Aug 30, the group requested for an extension to announce its 1QFY22 results originally due by Aug 31, and the request was granted by Bursa Malaysia.

According to its statement of financial position as at March 31, 2021, the group saw its cash and bank balances up 102.44% year-on-year (y-o-y) to RM55.59 million from RM27.46 million a year earlier. The group was also in a net cash position.

Trade receivables rose 66.58% y-o-y to RM49.97 million from RM30 million.

"On the net cash position, it is actually for our preparation to invest in large-scale solar projects which are coming up, of which the equity portion is about RM40 million to RM80 million," said Chong.

"We have it and we did the private placement previously to raise the fund to invest in solar assets. That is what we are planning to do.

"Some of the equity and cash positions will be used to put into our engineering, procurement, construction and commissioning (EPCC) working capital, and also some of them will be for corporate power purchase agreements investments," he added.

Solarvest's share price closed unchanged at RM1.29 today, valuing the group at RM856.5 million. In the past one year, the stock has risen by 65.38%.