KUALA LUMPUR: Cypark Resources Bhd’s net profit rose 5.5% to RM15.81mil in the first quarter ended Jan 31, 2022 (1Q22) from RM14.98mil a year ago driven by the lower recognition of deferred tax expenses in quarter.

       In a filing with Bursa Malaysia, Cypark said its revenue was up 0.9% to RM77.20mil in the quarter compared with RM76.47mil in the corresponding period a year ago due to the better performance of the renewable energy (RE) division in the quarter.

       For the RE segment, it said revenue and profit before tax for 1Q22 increased to RM66.3mil and RM17.5mil respectively.

       “Higher revenue and profit in current quarter were mainly contributed by the better energy generation from most of the solar plants in current quarter compared with 1Q21,” it added.

       The government’s determination to boost usage of RE is in line with its commitment to the 2012 Paris agreement.

       Cypark said this was an incentive for the group to contribute towards acceleration of Malaysia’s adoption of green energy, including solar.

       “With the increase in the RE adoption target, Cypark expects sizeable solar quota to be offered by Energy Commission through the large-scale solar five tender and beyond in which Cypark will participate in,” it added.

       Cyparksaid there is big potential for growth in the waste-to-energy (WTE) segment due to the government’s focus on the green economy under the 12th Malaysia Plan.

       “In this respect, the continuous effort of the government under the Housing and Local Government Ministry in inculcating a greener way for waste management could result in more WTE plants being built.

       “Out of the five potential new WTE tenders that were highlighted, Cypark has participated in two tenders in Johor and Melaka in collaboration with Johor and Melaka state-owned companies,” the group said.