21/05/2026

BIZ & FINANCE THURSDAY | MAY 21, 2026

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Another record-breaking year for Solarvest

PETALING JAYA: MClean Technologies Bhd, a provider of precision cleaning and surface treatment solutions, delivered another resilient set of financial results for the first quarter ended March 31, 2026 (Q1 FY2026), supported by stronger demand across its core business segments and continued operational improvements. For Q1 FY2026, the company recorded revenue of RM18.47 million, representing a 27.68% increase compared to RM14.47 million in the corresponding quarter last year (Q1 FY2025). The stronger topline performance was mainly driven by increased contributions from both precision cleaning and surface treatment activities. Gross profit rose 27.85% to RM6.50 million from RM5.09 million previously, reflecting improved operating efficiency across both business divisions. Meanwhile, profit before tax (PBT) increased by 12.87% year-on-year to RM3.42 million, compared to RM3.03 million in Q1 FY2025, while profit after tax (PAT) improved to RM3.42 million from RM3.03 million previously. The stronger profitability was supported by higher revenue contribution and improved operational performance. Quarter-on-quarter, revenue increased by 20.71% from RM15.30 million recorded in Q4 FY2025, driven by stronger demand across both precision cleaning and surface treatment segments. Gross profit increased by 5.48% to RM6.50 million, while PBT rose 29.15% from RM2.65 million in the preceding quarter. Despite a moderation in gross profit margin to 35.19% from 40.27% previously due to higher material and operating costs, the Group continued to maintain healthy profitability through disciplined cost management and operational execution. In line with the group’s return to profitability in FY2025, the Board has proposed an interim dividend of RM0.004 per share, representing approximately 10% of FY2025 profit. As FY2025 marked the Group’s first year of turnaround, management intends to progressively enhance the dividend payout ratio moving forward, subject to prevailing million, up 19.5% from RM224.9 million in the same period last year, with a healthy gross profit margin of 27.3% (4QFY26: RM73.3 million; 4QFY25: RM56.8 million). Net profit for the period increased 17.7% to RM24.2 million, up from RM20.5 million in the corresponding period of the preceding year. Correspondingly, net profit margin remained on a healthy trajectory at 9.0% (4QFY25: 9.1%). Executive director and Group CEO Datuk Davis Chong Chun Shiong ( pic ) said: “This is our fourth record-breaking year in a row, but the number that matters most is the margins, particularly the quality of growth when we are scaling at this rate. “Typically, in our industry, when EPCC players grow fast, margins compress faster. “At Solarvest, we scale the top line by 41% while expanding our margins by 54%. That is not just volume. That is the highest standard of operational discipline.” Five years ago, he added, Solarvest earned RM176 million in revenue with RM 7 million net profit. Today our revenue stands at RM757 million, up 330% from FY22, with Patami 11 times higher (FY26: RM79.8 million).

performance was primarily driven by execution of Large Scale Solar 5 Programme (LSS5), advanced stages of the Corporate Green Power Programme (CGPP) development and higher profit contribution from associate companies. Over the past five years, Solarvest revenue expanded 330% from RM175.8 million in FY22, while Patami grew 11 times from RM6.9 million. The engineering, procurement, construction, and commissioning (EPCC) segment remained the group’s main revenue contributor, generating RM673.6 million (89.0% of total revenue). While the renewable energy generation segment also posted steady growth, with electricity sales grew 28.5% year-on-year (YoY) to RM34.3 million (FY25: RM26.7 million), due to significant energisation of C&I rooftop solar assets under Powervest, on top of the full year revenue contribution of LSS4 assets. Under Powervest, the group has secured a cumulative capacity of 133MWp from multiple corporate power purchase agreements, which is expected to contribute RM53.1 million annual recurrent revenue upon full completion within the next 12 to 18 months. During the quarter under review, Solarvest achieved its highest-ever revenue of RM268.7

o Clean energy company posts 54% yoy net profit growth to RM80 million KUALA LUMPUR: Regional clean energy expert Solarvest Holdings Bhd yesterday announced its fourth consecutive record-breaking financial year, with FY26 revenue of RM757.1 million, up 41.0% from RM536.8 million in the previous year (FY25). Profit after tax and non-controlling interest (net profit) rose 53.7% to RM79.8 million (FY25: RM51.9 million), significantly outpacing revenue growth, reflecting the group’s strong pricing power, operational discipline, and execution quality as it scales across larger and more complex clean energy projects. Gross profit margin improved to 28.3% from 27.9% a year ago (FY26: RM214.0 million; FY25: RM149.5 million); while net profit margin strengthened to 10.5% from 9.7% despite the typical industry trend of margin compression during rapid expansion. The overall strong KUALA LUMPUR: Bus Cap Bhd, a Malaysian bus builder with a 58-year operating track record, initial public offering (IPO) has been oversubscribed by 72.24 times for the Malaysian public portion ahead of its listing on the ACE Market of Bursa Malaysia Securities Berhad. Bus Cap has received a total of 9,992 applications for 1,404,027,700 (1.40 billion) shares from the Malaysian public for the 19,169,200 shares made available under the public portion, representing an overall oversubscription rate of 72.24 times. For the Bumiputera portion, Bus Cap has received 5,142 applications for 648,687,000 shares, representing an oversubscription rate of 66.68 times. For the other Malaysian public portion, Bus Cap has received 4,850 applications for 755,340,700 shares, representing an oversubscription rate of 77.81 times. Bus Cap’s IPO comprises a public issue of 107,347,200 new shares and offer for sale of 19,169,200 existing shares at an IPO price of RM0.23 per share. The public issue is expected to raise gross proceeds of about RM24.69 million, which will be used to support Bus Cap’s next phase of growth. Of the proceeds raised, RM9.10 million has been earmarked for the construction of new factory, RM5.03 million for the purchase of new machines, RM6.16 million for working capital, and RM4.40 million for estimated listing expenses. Upon listing, Bus Cap will possess an enlarged issued share capital of 383,383,000 shares, with a market capitalisation of approximately RM88.18 million based on the IPO price of RM0.23 per share. Executive director Bernard Ng Chong Yan ( pic ) said: “We are encouraged by the strong response from the Malaysian public. The oversubscription reflects investor confidence in Bus Cap’s track record, growth plans and position within the bus building industry.This IPO is an important step in our next phase of growth. “The proceeds will support our construction of new factory, semi-automated fabrication

“Being entrusted to develop both of Malaysia’s largest utility-scale solar farms with close to 1.4GWp combined capacity, our unbilled EPCC order book has grown to RM2.5 billion from below RM1 billion within just 18 months. “These are secured and contracted projects, and it means highly visible revenue contribution flowing into FY27 and FY28, proving that the market increasingly skews towards trusted clean energy players with operational discipline,” he said.

Bus Cap IPO oversubscribed by 72.24 times ahead of ACE debut

MClean Technologies reports strong start to 2026 with 27.68% revenue growth in Q1

machines and working capital, allowing us to improve production efficiency and better serve rising demand for higher-capacity buses. As we move towards our listing, our focus remains on execution, quality and long-term value creation for shareholders.” Bus Cap’s core operations are conducted through its wholly-owned subsidiary, Sin Hock Leong Coach Works Sdn Bhd, which is principally involved in the design and manufacturing of bus bodies, assembly of bus bodies with chassis sourced from principals/dealers, sourcing and installation of fittings and accessories to form completely built-up buses, as well as provision of bus repair and maintenance services. For the audited financial results for the financial year ended Dec 31, 2025, Bus Cap recorded revenue of RM88.08 million and profit after tax of RM9.81 million, with 131 buses delivered during the year. Bus Cap is scheduled to be listed on the ACE Market of Bursa Malaysia Securities Berhad on June 3, 2026. TA Securities Holdings Bhd is the principal adviser, sponsor, underwriter and placement agent for the IPO.

Tea says demand for high-precision cleaning and industrial support services continues to expand.

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circumstances. Looking ahead, executive chairman and executive director Datuk Dr. Terence Tea Yeok Kian said they remain optimistic about the Group’s growth prospects. “Our planned expansion initiatives in Malaysia and Thailand, including the introduction of new production lines and the proposed new HDD cleanroom facilities, will strengthen our production capabilities, improve automation and support long-term scalable growth.” He said they are also encouraged by the increasing opportunities within the semiconductor ecosystem and expect potential breakthroughs for their Singapore plant in Q3FY2026 as demand for high-precision cleaning and industrial support services continues to expand.