China's Sungrow generates USD 4.4bn in H1 revenue

Chinese renewable energy equipment supplier Sungrow Power Supply Co Ltd (SHE:300274) has experienced a significant rise in both its top and bottom lines during the first half of the year, it reported on Thursday.

The company, which makes a variety of products including photovoltaic (PV) inverters, energy storage systems, wind converters, electric vehicle (EV) charging solutions, and electrolysers for hydrogen production, has booked a 13.89% year-on-year increase in net profit attributable to shareholders of listed companies to about USD 0.7 billion (EUR 0.63bn) in the six months through June. It also recorded an operating income/revenue of USD 4.4 billion, up by 8.38% on the year.

Sungrow’s business that supplies PV inverters and other power electronic converters saw its revenues go up by 12.63% to USD 1.8 billion, while the company’s renewable energy investment and development activities contributed an additional USD 1.3 billion for an 18.45% year-on-year jump.

Meanwhile, the PV power generation sector achieved a revenue growth rate of 44.88%.

The company said further that during the period in question, it spent about USD 0.2 billion on research and development (R&D) activities, which represents a 41.65% increase compared to the previous year.

(USD 1.0 = EUR 0.902)

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