Chinese Solar module manufacturer JinkoSolar has posted improved financial results for its subsidiary Jiangxi Jinko for the first three quarters of 2023, with net income increasing to up to RMB6.54 billion (US$894.1 million).
In its latest preliminary financial result announcement, the company said that Jiangxi Jinko’s preliminary net income for the first nine months of 2023 would be in the range of RMB6.14 billion to RMB6.54 billion, increasing by 266.36-290.22% from only RMB1.68 billion during the same period last year.
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The company did not mention the reason for the surge of net income, nor further details of the financial results.
JinkoSolar also shipped over 52GW of modules in the first nine months of the year. In Q1 and Q2 of this year, module shipments reached 13GW and 17.8GW respectively, meaning the company sold 21.2GW of modules in Q3. The company’s n-type tunnel oxide passivated contact (TOPCon) cells accounted for the majority of the firm’s sales, with TOPCon sales making up 57% of the year’s total shipments, and growing interest in TOPCon technology could be a driving factor behind this increase in revenue.
Indeed, Solar Media’s head of market intelligence Finlay Colville wrote in a piece on PV Tech that JinkoSolar also plans to be the first module supplier to be targeting 100GW of module shipments in a calendar year, and with that landmark set to be achieved in 2024.