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Xinyi Solar reports strong growth in 2020 profit

Xinyi Solar reports strong growth in 2020 profit

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China-based solar glass maker and project developer Xinyi Solar Holdings Ltd (HKG:0968) on Monday said its attributable profit for 2020 surged nearly 90% on the back of robust growth in revenues.

The company booked profit attributable to shareholders of HKD 4.56 billion (USD 588m/EUR 489m) for the year, 88.7% higher than in 2019, while revenues jumped 35.4% to HKD 12.3 billion.

Solar glass sales increased to HKD 9.99 billion, up from HKD 6.77 billion in 2019, while the company’s solar farm business accounted for HKD 2.23 billion, almost unchanged from 2019. As of December, Xinyi’s approved grid-connected solar power capacity stood at 3,470 MW.

Detailed full-year results are available in the table below:

Result in million HKD20202019
Revenues12,3169,096
Operating profit5,8533,314
Net profit5,0232,799
Attributable profit4,5612,416

In 2021, Xinyi Solar is stepping up the expansion of its solar glass production capacity in response to strong demand, with four new production lines expected to be operational by the middle of the year. The company’s solar farm business is eyeing 600 MW in new installations for the year.

Source: renewablesnow
Anand Gupta Editor - EQ Int'l Media Network