PETALING JAYA: Samaiden Group Bhd is in a good position to expand its order book with the recent launching of the National Energy Transition Roadmap (NETR).
As an established player in the renewable energy (RE) ecosystem, Hong Leong Investment Bank (HLIB) Research said the company could benefit from such initiatives, reaffirming the brokerage’s expectations of growing engineering, procurement, construction and commissioning (EPCC) order book trends.
Samaiden is involved in various RE projects mainly as contractor and developer.
The company’s latest outstanding order book stands at RM372.8mil, the research house said.
The launching of the NETR Part 1 and Part 2 reaffirms the government’s commitment towards 70% RE share target by 2050.
The 10 flagship catalytic projects worth an estimated RM25bil is an early catalyst towards Malaysia’s net-zero goal that would ultimately require investments worth between RM435bil and RM1.85 trillion by 2050.
“The RE specialist started financial year 2024 (FY24) on a strong note, executing its fourth and largest large-scale solar four worth RM181.3mil – achieving roughly 45% of HLIB Research’s full year forecasts.
“Excluding shortlisted Corporate Green Power Programme projects it has supported, Samaiden’s EPCC tender book stands at about RM1.2bil (around 30% from commercial and industrial segment),” it noted.
Samaiden posted a net profit of RM3.1mil, or earnings per share of 0.81 sen in the fourth quarter ended June 30, 2023, against RM3.4mil, or 0.92 sen a year ago. Revenue was 15.7% lower at RM45.2mil from RM53.7mil previously.
For FY23, it posted a net profit of RM10.1mil on revenue of RM170.8mil. Samaiden has declared its first-ever interim tax-exempt dividend of 0.5 sen per share.
The entitlement and payment dates are set for Sept 22 and Oct 16, 2023, respectively. This dividend would be reflected in the financials for the quarter ending Sept 30.
