Samaiden Group Berhad (“Samaiden”), a leading renewable energy (RE) specialist in Malaysia, has received Corporate Credit Ratings of A1/Stable/P1 from RAM Ratings Services Berhad. This rating extends to Samaiden’s RM500 million multi-currency Islamic Commercial Papers (ICP) and RM1 billion Islamic Medium-Term Notes (IMTN) under its Sukuk Wakalah programme.
Key Highlights of the Rating:
- Robust Market Presence: Samaiden commands a significant share of Malaysia’s solar EPCC market, with over 500 MW of solar systems installed across large-scale solar farms, commercial, industrial, and residential projects.
- Financial Strength: Samaiden’s revenue tripled from RM76.2 million in FY2020 to RM227.2 million in FY2024, while pre-tax profit surged to RM22 million, a 63.9% YoY increase.
- Healthy Order Book: The Group reported a record order book of RM521.2 million as of November 2024, showcasing consistent demand for its renewable energy solutions.
Strategic Importance in Renewable Energy
Samaiden’s ratings reflect its ability to leverage Malaysia’s growing renewable energy sector. RAM Ratings cited the Group’s strong financial performance, sound credit metrics, and strategic positioning as key factors behind the A1/Stable/P1 rating.
Group Managing Director Datuk Ir. Chow Pui Hee expressed confidence in the Group’s growth trajectory, saying, “These ratings enhance our credibility and flexibility to pursue larger-scale projects domestically and regionally. They underscore our commitment to sustainable growth and Malaysia’s green energy agenda.”
Growth Initiatives and Financial Prudence
To sustain its leadership in renewable energy, Samaiden plans to:
- Diversify into asset ownership: Focus on bioenergy and mini-hydro projects.
- Expand regional presence: Target growth in Southeast Asian markets.
- Ensure financial stability: Leverage non-recourse project financing and maintain a peak gearing ratio of 0.7 times by FY2029 while generating RM14 million annually in cash from operations.
The Sukuk Wakalah programme offers Samaiden the flexibility to issue rated or unrated, secured or unsecured Sukuk tranches, aligning with strategic funding needs and enabling efficient capital allocation for long-term growth.
This achievement underscores Samaiden’s solid foundation and readiness to capitalize on opportunities in the renewable energy sector while maintaining robust financial health.