Pekat Group Bhd is focusing on innovative strategy that capitalises on the RM60.7 billion government-initiated projects on renewable energy, smart grids, energy efficiency as well as energy storage.
In a Bursa filing dated Nov 28, the group noted that the National Energy Transition Roadmap (NETR) comprises six key levers and ten flagship projects in Phase 1 backed by a RM60.7 billion investment—exceeding the initial RM25 billion target.
Following the group's successful completion of a large-scale solar farm project at Batang Padang, Perak under the LSS4@MEnTARI programme, the group is optimistic about securing Engineering, Procurement, Construction, and Commissioning (EPCC) projects for the recently announced 2GWac LSS5 project.
The Corporate Renewable Energy Supply Scheme (CRESS) championed by the Ministry of Energy Transition and Water Transformation (PETRA) aims to enhance corporate access to renewable energy by allowing third parties to supply or purchase electricity through the national grid with a predetermined access charge.
This initiative is a significant step in liberalising Malaysia's energy market, promoting competition, and driving the growth of corporate power purchase agreements (PPAs). As a result, Solar PV EPCC players are expected to benefit from increased project demand as businesses increasingly shift toward renewable energy.
Nationally, Malaysia targets net-zero carbon emissions by 2050, in line with the Paris Agreement, a 45% reduction in greenhouse gas emissions by 2030 and a 31% share of renewable energy in the energy mix by 2025 and 40% by 2035.
In the third quarter of FY20241, Pekat's revenue grew 31.38% year-on-year (YoY) to RM82.64 million2, with the solar division contributing over RM54.36 million3. The earthing and lightning protection (ELP) division contributed nearly RM12.05 million4, while the trading division accounted for roughly RM16.23 million5. Correspondingly, the group achieved a higher profit after tax of nearly RM6.28 million6, reflecting an increase of 76.02% YoY, from nearly RM3.57 million7 recorded in FY20238.
The nine-month 2024 revenue of nearly RM196.84 million9 represented an increase of 16.36% YoY from about RM169.17 million10 driven primarily by the trading division, followed by the ELP division and the solar division. As a result of the improved revenue contributions across all divisions, the group achieved a profit after tax of RM14.74 million11, reflecting a 43.95% increase YoY compared to RM10.24 million12 in FY2023.
- FY2024: Financial year ending 31 December 2024 ︎
- RM82,638,000 ︎
- RM54,362,000 ︎
- RM12,048,000 ︎
- RM16,228,000 ︎
- RM6,275,000 ︎
- RM3,565,000 ︎
- FY2023: Financial year ended 31 December 2023 ︎
- RM196,837,000 ︎
- RM169,168,000 ︎
- RM14,736,000 ︎
- RM10,237,000 ︎