LONGi Net Profit Rises 34% to $0.381 Bn in Q1

Solar cells and modules maker LONGi has reported a growth of 34.24 per cent to USD 0.381 billion during the first quarter of 2021, mainly on account of continued revenue growth and a significant increase in global shipments.

April 29, 2021. By Manu Tayal

Solar cells and modules maker LONGi has reported a growth of 34.24 per cent to USD 0.381 billion during the first quarter of 2021, mainly on account of continued revenue growth and a significant increase in global shipments.

The net profit of the company stood at USD 0.284 billion during the same period a year earlier.

However, the company’s net profit excluding non-recurring gains and losses stood at USD 0.368 billion, up 37.46 per cent y-o-y.

Moreover, the operating revenue of the company jumped by 84.36 per cent to USD 2.413 billion, as compared to USD 1.309 billion in the same quarter a year ago.

On yearly basis, the solar module maker has reported 61.99 per cent surge in its net profit to USD 1.319 billion, while its operating revenue rose by 65.92 per cent to USD 8.416 billion.

During the year, shipments of the company’s mono-crystalline modules increased by 223.98 per cent to 24.53 GW, of which external sales stood at 23.96GW.

In 2020, the company’s R&D investment too grew by 4.75 per cent of revenue, to 2.592 billion yuan, and has secured a cumulative total of 1,001 authorized patents.

By the end of 2020, the company’s monocrystalline wafer, cell and module production capacities reached 85GW, 30GW and 50GW respectively.

On the 2021 outlook, the company estimated that its wafer, cell and module production capacities will reach 105GW, 38GW and 65GW respectively in 2021.

Meanwhile, in 2021, it will retain its business policy of “Advanced Products, Efficient Operation, Realistic Collaboration & Stable Management,” LONGi said in a statement.

Besides, it will also improve management efficiency and create new opportunities by using digital transformation, enhancing competitiveness of the industrial chain by focusing on collaborative innovation, it added.

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