KUALA LUMPUR, Dec 30 — Cypark Resources Bhd’s net profit increased to RM75.42 million in the financial year ended October 31, 2021 versus RM70.69 million a year ago.

The renewable energy (RE) solutions provider’s revenue rose by 3.7 per cent to RM315.3 million from RM304.0 million previously, mainly contributed by the continuous work progress from the large-scale solar projects and specialist and consultancy works performed in the current financial year.

“The demand for renewable energy (RE) is expected to continue to grow at a healthy rate. The government`s determination to achieve its 20 per cent (6,000MW) RE target by 2025 is expected to further drive the local RE market.

“Cypark believes there will be further extension to the large-scale solar (LSS) programme, possibly LSS5 and LSS6. This could, prospectively, offer similar excitement as the 2020’s LSS4 tender, if not more so in the near future,” the company said in a Bursa Malaysia filing. LSS is a competitive bidding progamme aimed to drive down energy costs.

“Cypark is currently offering its proven expertise in solar project development to the recently announced winners of the LSS4 tenders. The company targets to secure some jobs from the estimated RM3 billion to RM4 billion worth of engineering, procurement, construction and commissioning (EPCC) works,” it said in the filing today.

Cypark is optimistic about meeting future LSS contracts to meet the national target of 6000MW by 2025.

Cypark’s collaborations with many state-linked companies or agencies in Kedah, Negri Sembilan, Melaka and Johor are expected to secure a total capacity of up to 100MW potential Net Energy Metering (NEM) projects in the next two years.

Concurrently, Cypark has been actively participating in several private NEM tenders from universities and government-linked companies. — Bernama