RENEWABLE energy (RE) solutions outfit Northern Solar Holdings Bhd has delivered strong top-line and bottom-line growth with its full-year revenue crossing the RM100 mil mark for the first time.
The group’s net profit for its FY3/2026 ended March 31, 2026 spiked 34% year-on-year (yoy) to RM15.28 mil (FY3/2025: RM11.41 mil) as its revenue edged up 33% to RM113 mil (FY3/2025: RM84.86 mil).
Its core Engineering, Procurement, Construction and Commissioning (EPCC) segment remains Northern Solar’s primary growth driver as the EPCC revenue chalked up 31.5% growth to RM109.3 mil.
The group also made progress in building its recurring income base with higher contributions from electricity generation and related green income.
This is in line with Northern Solar’s strategy to gradually diversify its earnings beyond project-based EPCC revenue and strengthen long-term income visibility.
For the 4Q FY3/2026, revenue stood stable at RM20.72 mil but the group’s improved significantly to RM3.11 mil from RM547,000 a year ago largely due to one-off listing expenses.
Sequentially, the group’s revenue was lower compared to the immediately preceding quarter due to normalised project timing as older projects neared completion and newly secured projects are still at the early commencement stage.
Stellar balance sheet
The group eventually ended its financial year with a highly liquid balance sheet with its cash and bank balances stood at RM45.3 mil as of end-March.
With borrowings of just RM10.3 mil (excluding lease liabilities), Northern Solar maintains a very low gearing ratio, thus providing the group with financial capacity to comfortably execute its project pipeline.
Moreover, the group secured a major letter of award worth RM119.38 mil during the period under review for the construction and EPCC works of a utility-scale solar power infrastructure.
This contract represents a major leap into the utility-scale segment and secures substantial earnings visibility for the group’s FY3/2027.
“FY3/2026 was an important year for Northern Solar as we crossed RM100 mil in revenue and delivered higher earnings,” commented Northern Solar’s managing director Lew Shoong Kai.
“Our entry into utility-scale solar infrastructure through the RM119.38 mil contract is a clear milestone. We remain highly disciplined in our project selection, cash management and margin protection.”
Added Lew: “As Malaysia’s accelerates its energy transition, we ‘re ready to capture demand across both utility-scale and distributed solar segments while expanding our recurring income through solar asset ownership and smart energy management.”
Looking ahead, Northern Solar expects the renewable energy industry to remain heavily supported by Malaysia’s National Energy Transition Roadmap (NETR).
The group will focus on executing its current order book and aggressively pursuing new contracts to drive sustainable growth in the coming financial year.
At 11.39am, Northern Solar was down at 0.5 sen or 0.745% to 67.5 sen with 223,100 shares traded, thus valuing the company at RM267 mil. – May 26, 2026
