KUALA LUMPUR, 25 February - Northern Solar Holdings Bhd is positioning itself to capitalise on Malaysia’s growing renewable energy sector, supported by large-scale solar (LSS) programmes, national grid enhancements, and rising corporate demand for clean energy.
For the third quarter ended December 31, 2024 (Q3 FY24), the company posted revenue of RM24.05 million and a net profit of RM3.43 million, mainly driven by its engineering, procurement, construction, and commissioning (EPCC) services for solar photovoltaic (PV) systems.
In the first nine months of FY24, Northern Solar reported RM64.2 million in revenue and RM10.86 million in net profit. The company also recorded gross profit margins of 33.8% in Q3 and 37.6% across the nine-month period, highlighting its cost efficiency and operational discipline.
The group is aligning itself with the upcoming LSS5, LSS5+, and LSS6 programmes, which are expected to offer RM15 billion to RM18 billion in project value over the next two years. Additionally, the RM42.8 billion investment planned under the Regulatory Period 4 (RP4) from 2025 to 2027 to modernise the national grid is expected to present further opportunities for solar EPCC providers.
Managing Director Lew Shoong Kai said that the company’s financial performance reflects a consistent strategic focus and resilience in a competitive market. He added that the company’s ability to sustain strong margins and growth underlines its long-term value creation approach.
While Northern Solar is well established in rooftop solar and EPCC services, it is now preparing to take part in utility-scale solar projects. The company is also exploring opportunities under government-led initiatives such as the Corporate Green Power Programme (CGPP) and the upcoming Corporate Renewable Energy Support Scheme (CRESS), which allow for virtual power purchase agreements (VPPAs) between corporate consumers and renewable energy producers.
Lew said the industry is entering a multi-decade growth phase, and the company is well-placed to support that transition.
Following its initial public offering (IPO), which raised RM42.4 million, Northern Solar is expanding regionally, particularly in Penang, Perak, Kedah, Perlis, and Sabah. Part of the funds raised will also go toward enhancing its presence in Johor and other key markets.
The company aims to strengthen its role in the country’s clean energy ecosystem through high-impact solar projects and strategic collaborations.
