Module manufacturing major Risen Energy has posted strong revenue and profit figures for the first half of the year, driven by a large increase in product sales and unit sales prices.
Risen reported that its revenue in first half of 2022 increased to RMB12.615 billion (US$1.83 billion), up 51% year-on-year.
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Its net profit attributable to shareholders rose to RMB505 million (US$73 million), which was up 653% on the same period last year. Meanwhile, net profit attributable to shareholders after deducting non-recurring profit and losses reached RMB476 million (US$68.8 million), a 340% increase year-on-year.
Risen said its strong financial performance was down to an increase in product sales and rise in unit sales prices.
Revenue from its solar cells and modules reached RMB9.854 billion (US$ 1.43 billion), an increase of 94% year-on-year, while revenue accrued from polysilicon sales was RMB977 million (US$141.47 million), up a staggering 820% year-on-year, with a gross profit margin of 59.8%.
PV Tech has previously conducted analysis of the top six module manufacturers and how they fared in H1 but Risen had not released its results at the time of that analysis. Today’s release revealed that the company was in line with the other five module makers that have seen their profits soar over the first half of 2022.
Risen said the conversion efficiency of its monocrystalline PERC cells, TOPCon cells and heterojunction cells have exceeded 23.40%, 25.00% and 25.50%, respectively.
Meanwhile, in order to meet “the growing demands for diversified products in the photovoltaic market”, Risen has explored new research and development (R&D) opportunities to meet the demand for high-efficiency modules.
It has built three product series: the Titan series, the NewT@N series, and Hyper-ion series – recently certified by German testing company TÜV SÜD – based on its 210 Technology platform”, Risen said.
“Risen Energy is committed to lead the technological R&D in the industry with continuous investment and leverage our high-efficiency photovoltaic product portfolio and global sales and marketing network to support the application and popularisation of clean energy globally,” Risen said in a media statement.