Plus Solar hits its revenue mark for its financial year ending March 2020 in over 200% revenue jump.
Plus Solar, the nation’s foremost renewable energy solution provider, achieved its RM150 mil revenue mark for its financial year ending March 2020. This was over 200% jump in revenue compared to its FYE 2019 which recorded RM64 mil.
The company has experienced a phenomenal year on year growth fuelled by strong market demand from the manufacturing, commercial and industrial sector, which makes up nearly half of Plus Solar’s business.
“An increase in awareness notably from manufacturers saw many adopting solar energy as they realised cost savings that would ultimately translate to better cash flow. We have also worked closely with financial institutions to offer attractive repayment schemes so it makes good business and financial sense for corporations to adopt clean energy,” said Ko Chuan Zhen, Chief Executive Officer and Co-founder of Plus Solar.
Instrumental to the revenue jump is the execution of a large scale solar (LSS) project which contributed 50% of its revenue growth.
In its role as an engineering, procurement, construction and commissioning (EPCC) service provider, the LSS projects completed by Plus Solar are able to power up 3,570,742 homes per year for over a period of 21 years, while reducing the level of CO2 emissions to 37,171.58 tC02e per year.
When asked to comment about the current market condition, Ko said, “Globally, we may be on the brink of recession with the ongoing Covid-19 pandemic which has affected businesses across all industries.”
As businesses struggle to keep afloat, the main concern will be on sustaining their top line, namely revenue and sales, he continued, adding that while they may not be able to control the volatility within their respective industries, they must look at cutting the bottom line: expenses.
“This is something that businesses should begin to rethink. Electricity remains a top three expense for many businesses. Here, solar energy has proven to be a real contributor to cost efficient savings where investments can be recouped in 3-4 years whilst shaving off up to 50% of operational costs,” he explained.
“We are ready to assist the manufacturing, commercial and industrial sector as well as business owners who are keen to maximise bottom line savings. We are able to pinpoint leakages in terms of where energy could be better channeled and how cost savings can be really met.
“Many business owners cannot grasp the ROI on solar solutions, and this is where we are happy to speak to them to educate and share both the technicalities of solar for their business and its returns, as well as affordable financial packages – so they too can gain access to reducing their bottom line.
“There is no better time than now to rethink efficiency of processes and effectiveness of cost controls as the pain is real,” Ko added.