Risen Energy increased net profit by 237 percent in Q3 and will build 2.5 GW module factory
Post date: 30/10/2019 - 10:27
The Chinese module manufacturer and engineering service provider Risen Energy Co. Ltd released its financial results report for the third quarter of 2019. Operating income for the period stood at CNY 3.718 billion ($526 million), soaring by 77.49 percent from a year earlier. Net profit attributable to shareholders climbed up 237.34 percent year on year to CNY 299 million ($42.3 million), while net profit attributable to shareholders after deducting non-recurring gains and losses totaled CNY 261 million yuan ($36.9 million), increasing by 134.46 percent year on year.
Operating income for the first three quarters rose to CNY 9.77 billion ($1.38 billion), up 42.87 percent year on year, while net profit attributable to shareholders reached CNY 783 million ($111 million), and increased by 271.13 percent. Compared with the same period last year, the company's output of PV cells and components, the sales income of related PV products and the corresponding sales profit all increased.
In August, Risen Energy held a groundbreaking ceremony for its 2.5 GW high-efficiency HJT cell and module project in Ninghai, a county within the city of Ningbo in Zhejiang province. The project is expected to be completed in 2021 and will add sales revenue of CNY 5 billion (700 million) once it commences full production. According to the company, Risen Energy ranked second in shipments to the European market in the first half of 2019, accounting for more than 10 percent of China's shipments of solar equipment to the region. Besides Ukraine, the company's shipments ranked first to the Dominican Republic, accounting for more than 50 percent of modules shipped there.