GCL-Poly posts expected strong shipments and revenue in 1H 2016

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The Group’s annual wafer production capacity increased to 17GW. Image: GCL-Poly

Leading polysilicon and multicrystalline wafer producer GCL-Poly Energy Holdings has reported first half 2016 financial results that as expected benefited from the downstream boom in China that kept both polysilicon and wafer prices high. 

GCL-Poly reported total Group revenue in the first half of 2016 of RMB 13,159 million (US$1.97 billion), up 28.7%, compared to US$1.53 billion in the prior year period. 

Net profit was RMB 1,389 million (US$208.7 million), up 137.6%, compared to the prior year period. 

Solar Material Business segment reported polysilicon annual production capacity remained at 70,000MT and operated at full capacity through the period. A total of approximately 36,328MT of polysilicon was produced in the period, slightly lower than the 36,768MT for the same period in 2015. 

GCL-Poly sold 6,389MT of polysilicon to third parties in the first half of the year. The average selling price of polysilicon was US$15.3/kg in the reporting period.

The Group’s annual wafer production capacity increased to 17GW (including 16GW for multicrystalline silicon wafer production and 1GW for monocrystalline silicon wafer production at the end of the first half of 2016.

GCL-Poly produced approximately 8,643MW of wafers (including processing business with supplied materials), representing an increase of 21.7% from 7,102MW in the prior year period. 

The average selling price wafers were approximately US$0.187/W for the six months ended 30 June 2016. 

GCL-Poly noted that the strong increase in volume sales and an increase in wafer ASP’s in the first half of 2016, led to external customers sales reaching RMB 11,221 million (US$1.68 billion), up 24.4% from US$1.34 billion in the prior year period.

The net profit margin in its Solar Material Business segment was 15.6%, compared with a net profit margin of 8.7% in the same period in 2015. 

Management claimed that its global market share of polysilicon and wafer sectors reached 30% and 40%, respectively, retaining its leadership position in both sectors.

The company as expected did not provide a business outlook for the full-year and did not provide commentary on the rapidly changing dynamics, notably in the wafer sector where ASP’s are expected to decline around 20% in the third quarter on the back of weak demand and polysilicon price declines expected to take holed in the fourth quarter of the year. 

26 January 2022
Join this free webinar for our analysis of the growth of N-Type technology including; new capacity expansions and production output. We'll also be looking at the global manufacturing footprint with forecasts on how much product will be made outside of China this year and which companies are driving technology change across the crystalline silicon value chain.

Read Next

January 10, 2022
Upstream solar major Tongwei has forecasted for profits to more-than-double in its 2021 financial year on the back of increased material and cell prices experienced last year.
PV Tech Premium
January 10, 2022
After a 2021 which saw price volatility dominate the solar industry’s new, the sector started anew last week. How has the downstream started the year with regards manufacturing and pricing?
January 7, 2022
The solar PV industry produced more than 190GW of modules during 2021, as the industry went through its first major production-led supply cycle, Finlay Colville reveals in exclusive analysis for PV Tech.
Sponsored
January 6, 2022
PV Tech speaks to Philipp Matter, president for Europe at GCL System Integration, to discuss last year's supply chain crises, targeting growth in Europe and the prospects for competing new solar technologies.
January 4, 2022
Daqo New Energy has provided a RMB10 billion (US$1.6 billion) capital injection to a subsidiary which is to advance on future polysilicon production projects in Inner Mongolia.
January 4, 2022
Solar manufacturer Risen Energy has revealed the details of a RMB44.6 billion (US$7 billion) manufacturing capacity expansion plan that will span n-type polysilicon ingots, modules and renewables projects.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
January 26, 2022
Free Webinar
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal