LONGi Green Energy Technology#s Revenue Nearly Doubled in 2016

Energy Press Releases Friday March 17, 2017 14:57
XI'AN, China--17 Mar--PRNewswire/InfoQuest
The monocrystalline ingot, wafer and module manufacturer posted 2016 earnings report last week, with revenue reaching RMB 11.5 billion for the year, and net profit RMB 1.547 billion.

LONGi Green Energy Technology Co., Ltd.'s 2016 financial results show that the company posted RMB11.531 billion in revenue, an increase of 93.89% from last year, and net profit of RMB1.547 billion, a significant increase of 197.36% from 2015. Earnings per share stood at RMB 0.86, an increase of 177.42%. The weighted average return on net assets after deductions (WARA) was 21.15%, an increase of 9.18 percentage points, and the consolidated gross profit margin was 27.48%, an increase of 7.11 percentage points from the previous year.

http://photos.prnasia.com/prnvar/20170314/0861702244

LONGi's noticeable improvement in performance is due to the company's successful effort in breaking free from traditional business model of relying solely on solar wafer, and adding module business to drive revenue growth. Last year, solar module sales reached RMB5.7 billion, surpassing sales of silicon wafer (5.075 billion yuan), and became the company's revenue "cash cow." The module business gross margin of 27.2% is far higher than that of the solar cell and polycrystalline silicon businesses, and is closing in on the 28.16% margin for wafer business. The healthy profit margin led to the net profit of RMB1.547 billion for the year.

LONGi will continue capacity expansion for solar cell and module business. A few projects are well under way: 500MW solar cell and module fab in India, vertically integrated ingot/wafer/cell/module, facility in Kuching, Malaysia, including 500MW cell and module, and 2GW cell and module manufacturing lines in Taizhou. Meanwhile, in February of this year, leading research firm Bloomberg New Energy Finance, included LONGi Solar (formerly Lerri Solar) in its Tier 1 module supplier list.

LONGi Solar president Li Wenxue commented, "By the end of last year, our monocrystalline module production capacity had reached 5GW, and the target for the end of this year is 6.5GW. LONGi anticipates to deliver 4.5GW of solar cell and module this year. While we will continue to expand our customer base and increase revenue, LONGi strives to maintain reasonable profit margin that will enable us to grow healthy and consistently. We are committed to the continuous improvement of our products and the enhancement of our technology, as we rely on product performance and quality to attract new customers and add value to our business."

About LONGi Solar:

LONGi Solar, a subsidiary company of LONGi Green Energy Technology Company Limited, manufactures monocrystalline solar cell and module, and is dedicated to providing cost-effective solutions for investors in solar power plants.

Photo - http://photos.prnasia.com/prnh/20170314/0861702244

Latest Press Release

PTT Stations operate as usual on 26 October to facilitate people across the nation

Miss Jiraphon Kawswat, Senior Executive Vice President, Oil Business Unit, PTTPLC, said that PTT service stations would continue to operate business as usual across the country on 26 October, 2017, to facilitate people by providing free drinking water at...

Photo Release: PTT Russians Gazprom Neft expand collaboration

Mr. Tevin Vongvanich, PTT CEO signed a Memorandum of Understanding (MoU) to cooperate in the energy development with Mr. Alexander Dyukov, CEO of Gazprom Neft, Russian integrated oil company. The agreement covers potential collaborations in the...

PDI signs MoU with EDL-Gen to jointly invest in two hydropower plants in Laos with 114 MW capacity in total.

PDI makes a further expansion in renewable energy by signing a memorandum of understanding to jointly invest in two hydropower plants in Laos, Nam San 3A and Nam San 3B, with a total capacity of 114 MW. The investment objective is to help PDI attain...

Photo Release: PTTEP receives 2017 LESS Award Letter of Recognition from TGO

PTT Exploration and Production Public Company Limited (PTTEP), represented by Lawan Pornsakulsakdi, Vice President, Environment Management Department received the 2017 LESS Award Letter of Recognition from Dr. Kurujit Nakornthup, Chairman of Thailand...

Vestas wins 180 MW order in Thailand

The order includes 60 V136-3.0 MW turbines that will be the first of their kind in Asia Pacific. With a hub height of 157 meters, the wind park will feature the highest towers in the region to date. The firm and unconditional order is placed by new...

Related Topics