Samaiden Group has bagged a RM39.17m contract to develop a large scale solar power plant in Bahau, Negeri Sembilan, that is expected to bring in 15-16% gross profit margin, according to Kenanga Research.

The contract from Bahau Power Sdn Bhd is set for a 12-month duration, starting from the site possession date on 2 October 2024, during which Samaiden will build a 10-Megawatt (MW) solar power plant.

Earlier, Samaiden won its first key EPCC (Engineering, Procurement, Construction and Commissioning) contract to build a 14-MW large-scale solar power plant in Kedah.

With the addition of the second contract win, the year-to-date cumulative contract total has reached RM91.17m as the group is on track to achieve its annual job win target of RM210m. The two contract wins combined have boosted its outstanding order book to RM404.67m.

In the immediate term, Samaiden is expected to benefit from a strong influx of job opportunities driven by the 800-MW Corporate Green Power Programme (CGPP) with an end-2025 completion deadline.

Under the programme, approximately RM690m worth of jobs have been announced by listed firms.

Market analysts estimate that Samaiden stand a strong chance to secure around 10%, translating to RM240m, of the total EPCC jobs awarded under CGPP totalled at RM2.4b.

As reported, potential contract jobs are expected from an additional 500-MW energy capacity under the national Net Energy Metering (NEM) initiative.