Declining quarterly results at Jinko Solar

Sales and revenue volumes of Chinese solar group Jinko Solar Holding Co., Ltd. for the first quarter of this year were significantly higher than in the same quarter last year, but down from the previous three-month period. The company reported sales of solar modules with 8.03 gigawatts and cells and wafers with 359 megawatts, for a total of 8.39 gigawatts. This is 56.7 percent more than the same quarter last year, but 13.4 percent less than Q4 2021. Revenue was 14.76 billion renminbi yuan (CNY; $2.23 billion), 85.9 percent more year-on-year, but 9.9 percent less than Q4 2021.
Gross profit was CNY 2.23 billion ($337 million), up 63.9 percent from Q1 2021 but down 15.8 percent from Q4 2021. Net profit attributable to shareholders decreased significantly sequentually as well as year-on-year to CNY 28.9 million ($4.4 million), down 88 percent from Q4 2021 (CNY 239.5 million) and down 87 percent from Q1 2021 (CNY 221.1 million).
Jinko cited high silicon prices, uncertainties in supply chains amid high transportation costs, and the delay of projects due to the Corona pandemic, among other negative factors for its Q1 results.

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