Kuala Lumpur: Northern Solar Holdings Bhd is targeting a 20 per cent rise in revenue growth for the financial year ending March 31, 2025 (FY2025), aiming to surpass its previous revenue of RM77.97 million. Managing Director Lew Shoong Kai expressed confidence in achieving this target, based on the company’s robust unbilled order book of RM83.2 million as of November 19, 2024.
According to BERNAMA News Agency, this substantial order book is expected to keep Northern Solar busy over the next 12 months, with the revenue anticipated to be recognized in FY2025 and FY2026, depending on the progress of each project. Lew shared these insights during a press conference held after the company’s successful listing on the ACE Market, where it debuted at 90 sen, a 27 sen premium over its initial public offering (IPO) price of 63 sen, with 11.97 million shares traded.
Northern Solar has a commendable track record, having completed 1,165 engineering, procurement, construction, and commissioning (EPCC) of solar photovoltaic (PV) system projects under the Net Energy Metering and self-consumption programmes by November 19, 2024. The unbilled order book includes RM68.6 million in EPCC projects for commercial and industrial segment buildings, RM13.8 million for residential buildings, and RM0.8 million for solar PV equipment and system project operations and maintenance.
As of November 19, 2024, Northern Solar’s tender book had surged to RM1.8 billion, reflecting its increased participation in both private and public project tenders across Malaysia, a significant jump from RM272.5 million as of May 15, 2024. The company currently has 387 tenders for EPCC of solar PV system projects in progress. Lew emphasized the company’s commitment to following up and converting these tenders into confirmed projects.
Northern Solar is also planning to expand its presence across Malaysia by establishing offices in Johor and Penang, while also exploring opportunities in other states. Additionally, Lew mentioned plans to expand the company’s footprint in Southeast Asia, identifying potential countries for further growth, which will be discussed with the board.
In response to concerns about the impact of US tariff hikes on Chinese-owned solar panel manufacturers in Malaysia, Lew noted that there is no direct impact on Northern Solar. He explained that Chinese manufacturers set up plants in Malaysia primarily for export to the US, while Northern Solar sources its panels directly from China.
The media previously reported that several Chinese-owned solar panel manufacturers in Malaysia have either shut down or scaled back operations due to reduced margins following the US tariff hikes in 2024, with further hikes anticipated.