LONGi Group guides for trebling of quarterly profits in Q1 2020

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The potential 210% net profit increase, year-on-year was said to be related to the expansion of production capacity, with higher uptake in demand for large-size mono wafers, while capacity and demand increased for its high-efficiency PV modules. Image: LONGi

Leading monocrystalline wafer producer and ‘Solar Module Super League’ (SMSL) member LONGi Green Energy Technology (LONGi Group) has guided for a trebling of net profit increase for the first quarter of 2020, up 210% compared to the prior year period.

LONGi Group said that preliminary calculations put net profit attributable to shareholders in the range of RMB 1.65 billion to RMB 1.95 billion (US$233.25 million to US$275.67 million), compared to US$86.41 million recorded in Q1 2019. 

The potential surge in net profit increase was said to be related to the expansion of production capacity, with higher uptake in demand for large-size mono wafers, while capacity and demand increased for its high-efficiency PV modules. 

The larger production scale also meant production costs were lowered, boost profitability, according to the company.

However, given the well documented COVID-19 impact on PV manufacturing and exports from China in the first quarter of 2020, LONGi Group said it had negated most of the impact through a number of measures.

The company noted that it adopted a wide range of COVID-19 prevention and control strategies at all of its manufacturing plants with the aim of fully guaranteeing the health and safety of employees. 

The company had recently noted that it had zero COVID-19 cases while running operations at high utilisation rates in Q1. 

LONGi also noted that it had instigated programs to fully guarantee the logistics delivery capacity and keep the trade channels open, while strengthening timely communication with customers in China and overseas to ensure timely delivery of orders in hand.

Read Next

May 13, 2021
The solar module manufacturing subsidiary of Italian utility Enel is aiming to scale up annual production capacity to 3GW in the second half of 2023, the company has confirmed.
May 12, 2021
Data from green hydrogen demonstration projects should be made available to help enable the future bankability of larger installations, unleashing the sector’s decarbonisation potential, a panel has suggested.
May 11, 2021
The International Energy Agency (IEA) has said it expects annual solar PV additions globally to surpass 160GW by 2022, affirming the technology’s position as the “new king” of global electricity markets.
May 10, 2021
LONGi Solar has set a record conversion efficiency of 25.09% for its N-type monocrystalline bifacial TOPCon cell that has been independently verified by the Institute for Solar Energy Research in Hamelin.
May 10, 2021
Spanish energy company Acciona plans to carry out an initial public offering (IPO) of its renewables unit before the end of June despite recent volatility among Spanish green energy stocks.
May 6, 2021
Independent power producer has Opdenergy has postponed an initial public offering (IPO) just days before its shares were due to start trading on the Spanish stock exchanges.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 26, 2021
Session 1 - 7:00 AM (BST) | Session 2 - 5:00 PM (BST)
Solar Media Events
June 15, 2021
Solar Media Events
July 6, 2021
Solar Media Events
August 24, 2021