IRICO starts building PV glass factory in China

China-based IRICO Group New Energy Co Ltd (HKG:0438) on Monday celebrated the start of construction of its ultra-thin and high-transmissivity photovoltaic (PV) glass complex in Shangrao.

The facility will be equipped with ten furnaces and supporting processing production lines. It will be built in three phases, with the first to see the deployment of three production lines. These will be up and ready to run in the first half of 2022.

IRICO previously said that the project would allow it to meet the "booming" market demand.

The Chinese company also recently guided for an increase in 2020 net profit attributable to shareholders of between 127% to 145% year-on-year. It expects to report a bottom line result of CNY 212 million (USD 33m/EUR 27.2m) to CNY 228 million for the past year.

Thanks to strong demand, the average price and gross profit ratio of PV glass products improved. In 2020, IRICO focused its attention to this segment and also strengthened centralised and unified procurement, which helped reign in operating costs.

The company also produces LCD products and new electronic materials.

(CNY 10 = USD 1.54/EUR 1.28)

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