Jinko Solar's revenues for full year 2020 increased while net income was shrinking significantly

Chinese solar module manufacturer Jinko Solar Holding Co. announced, that unaudited total revenues in the fourth quarter of 2020 reached $1.44 billion, an increase of 7.5 percent compared to the third quarter of 2020 and a decrease of 1.1 percent from the fourth quarter of 2019. Income from operations in the fourth quarter of 2020 was $11.0 million compared with $90.6 million in the fourth quarter of 2019. Net loss attributable to the company's ordinary shareholders was $57.8 million compared with net income of $56.3 million in the fourth quarter of 2019.
Total revenues for full year 2020 were $5.38 billion, an increase of 18.1 percent from $4.53 billion in 2019. The increase in total revenues was mainly attributable to an increase in the shipment of solar modules, which was partially offset by a decline in the average selling price of solar modules. Income from operations for full year 2020 was $273.6 million, compared with $264 million in 2019. Net income attributable to the company's ordinary shareholders was $35.3 million, compared with a net income of $137 million in full year 2019. Total solar module shipments were 18.8 GW, compared to 14.3 GW in 2019.
As of December 31, 2020, the company's in-house annual mono wafer, solar cell and solar module production capacity was 22 GW, 11 GW (10.2 GW for PERC cells and 800 MW for N type cells) and 31 GW, respectively.
For the first quarter of 2021, the management expects total solar module shipments to be in the range of 4.5 GW to 5.0 GW. Total revenue for the first quarter is expected to be in the range of $1.18 billion to $1.30 billion. For full year 2021, the company estimates total shipments (including solar cell and wafer) to be in the range of 25 GW to 30 GW.
Jinko Solar expects its annual mono wafer, solar cell and solar module production capacity to reach 33 GW, 27 GW (including 800 MW N-type cells) and 37 GW, respectively, by the end of 2021.
© PHOTON

Related News