KUALA LUMPUR, 26th MAY 2025 – Northern Solar Holdings Berhad ("Northern Solar" or "the Company"), a leading renewable energy solutions provider, today announced its financial results for the fourth quarter ended 31 March 2025 (“FY2025”).
The Group delivered a commendable full-year performance, achieving revenue of RM84.9 million, primarily driven by robust project execution within its core engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) systems segment.
Northern Solar recorded a full-year core profit after tax (Core PAT) of RM14.2 million, after adding back one-off IPO listing expenses of RM2.76 million incurred during the financial year. For Q4 FY2025 specifically, the core net profit after adding back the IPO expenses was RM3.3 million, broadly stable compared to the preceding quarter’s profit of RM3.4 million, demonstrating sustained operational efficiency.
“Our FY2025 financial results reflect solid operational performance and effective cost management. The successful IPO in February 2025 significantly enhanced our balance sheet, providing us with a strong foundation to expand into larger-scale solar projects. Our strengthened financial position places us in a favourable position to pursue strategic growth opportunities, particularly in the large-scale solar (LSS) segment,” said Northern Solar’s Managing Director, Mr Lew Shoong Kai.
As at 31 March 2025, Northern Solar maintained a healthy unbilled order book of approximately RM70 million, providing clear earnings visibility into the next financial year. Furthermore, the Group holds a robust tender book of approximately RM1.8 billion, which notably excludes potential contributions from upcoming large-scale solar projects. This substantial tender pipeline underscores the Group’s strong growth prospects.
Northern Solar’s financial standing post-IPO remains robust, reflected in a solid cash balance of RM52.2 million and a low gearing ratio of just 0.15 times. The Group’s financial stability is further strengthened by healthy operating cash flows amounting to RM7.2 million generated during FY2025.
Looking ahead, the outlook for Malaysia’s renewable energy industry remains highly positive, supported by the government’s firm commitment under the National Energy Transition Roadmap (NETR) to achieve a 70% renewable energy mix by 2050. Upcoming initiatives, including the Large-Scale Solar schemes (LSS5, LSS5+, and LSS6), are projected to unlock between RM15 billion and RM18 billion in EPCC opportunities within the next two years, providing substantial growth potential for the Group.
"With our significantly strengthened balance sheet and enhanced financial resources, Northern Solar is now actively eyeing opportunities in large-scale initiatives, including the Corporate Renewable Energy Support Scheme (CRESS) and the Corporate Renewable Energy Agreement Model (CREAM). We are optimistic about capturing our fair share of these major projects, further enhancing our project pipeline and reinforcing our growth trajectory," highlighted Mr Lew Shoong Kai.
Northern Solar also remains focused on expanding its recurring income streams. Currently operating approximately 5 MW of renewable energy generation assets, the Group aims to triple this capacity in the upcoming financial year. This strategic move is expected to contribute to earnings stability and further strengthen the company’s financial profile.
