- EPCC revenue rose 36.6% year-on-year to RM37.4 million, accounting for 98.1% of Group revenue.
- PATAMI stood at RM3.97 million, with basic earnings per share improving to 1.00 sen from 0.97 sen.
- Gross margin moderated to 27.4%, reflecting a shift in project mix toward larger-scale contracts that carry lower percentage margins.
- Cash and bank balances remained healthy at RM44.5 million against borrowings of RM9.6 million, maintaining a net cash position of RM34.9 million and a gearing ratio of 0.11 times.
- Northern Solar intends to evaluate suitable bidding opportunities under the upcoming Large Scale Solar 6 (LSS6) programme.
- The Securities Commission Malaysia has approved Northern Solar’s proposed transfer from the ACE Market to the Main Market of Bursa Malaysia.
KUALA LUMPUR, 28th August 2026 – Northern Solar Holdings Berhad (“Northern Solar” or “the Group”), a Malaysian renewable energy group specialising in the Engineering, Procurement, Construction and Commissioning (EPCC) of solar photovoltaic (PV) systems, recorded revenue of RM38.2 million for the first quarter ended 30 June 2026 (“1QFY27”).
This represents an increase of 36.1% year-on-year (YoY) from RM28.0 million in 1QFY26, marking the Group’s highest quarterly revenue since its listing in February 2025.
The stronger top-line performance was driven primarily by higher progress billings and revenue recognition from the Group’s solar PV EPCC activities. EPCC revenue increased 36.6% YoY to RM37.4 million from RM27.4 million, accounting for approximately 98.1% of Group revenue during the quarter.
Sequentially, Group revenue increased 84.1% from RM20.7 million in 4QFY26, reflecting a higher level of project execution entering the new financial year.
Gross profit stood at RM10.5 million, compared with RM10.8 million in the corresponding quarter last year. The gross profit margin moderated to 27.4% from 38.4%, reflecting a shift in project mix toward larger-scale contracts that carry comparatively lower percentage margins on higher contract values.
Profit Before Tax (PBT) held steady at RM5.6 million. Profit After Tax (PAT) increased to RM4.0 million from RM3.8 million a year earlier, an improvement the Group attributed mainly to a lower effective tax rate during the quarter. PATAMI stood at RM3.97 million, bringing basic earnings per share to 1.00 sen from 0.97 sen previously.
Mr. Lew Shoong Kai, Managing Director of Northern Solar Holdings Berhad, said:
“The first quarter reflects a higher volume of project execution as we move into the next stage of Northern Solar’s growth. As our project mix expands, percentage margins will naturally vary across different contracts. Our focus remains on the overall economics of each contract, disciplined execution, and protecting absolute returns rather than pursuing revenue volume for its own sake.”
Northern Solar maintained a solid balance sheet as at 30 June 2026. Cash and bank balances stood at RM44.5 million against borrowings of RM9.6 million, translating to a gearing ratio of 0.11 times. Borrowings declined from RM10.3 million as at 31 March 2026, while net assets per share improved to RM0.22 from RM0.21.
Mr. Lew added:
“Our financial position gives us the flexibility to evaluate larger opportunities while maintaining discipline on working capital and project risk. We will continue to build on our core commercial and industrial distributed solar activities while selectively pursuing utility-scale opportunities where the contract structure and risk-return profile meet our requirements.”
The outlook for Malaysia’s renewable energy industry remains supported by ongoing energy transition initiatives. In July 2026, the Ministry of Energy Transition and Water Transformation announced the Large Scale Solar 6 (LSS6) programme, comprising 2,500MW of solar generation capacity paired with 1,250MW of Battery Energy Storage System (BESS) capacity. Northern Solar intends to evaluate and participate in suitable LSS6 bidding opportunities, either independently or through strategic partnerships, as part of its broader expansion into utility-scale renewable energy projects.
Moving forward, the Group will remain focused on securing new EPCC contracts, executing its existing order book, expanding its renewable energy asset portfolio, and pursuing opportunities across commercial and industrial, Solar ATAP, BESS, and utility-scale solar. Barring unforeseen circumstances, the Management expects Northern Solar’s overall performance for FY2027 to remain satisfactory.
Separately, Northern Solar also received approval from the Securities Commission Malaysia (“SC”) for its proposed transfer from the ACE Market to the Main Market of Bursa Malaysia Securities Berhad.
