Xinyi Solar's 2017 profit grows by 17.4%

Ken Teegardin/CC BY-SA 2.0

Hong Kong-based firm Xinyi Solar Holdings Ltd (HKG:00968) saw its net profit to equity holders rise by 17.4% in 2017 to HKD 2.33 billion (USD 298m/EUR 242m).

The company, which makes solar glass, operates solar parks and offers EPC services, said Monday all three business units achieved “remarkable revenue growth” last year. Total revenues jumped by 58.6% to HKD 9.53 billion.

More details are available in the table.

Results in HKD million	2017	2016
Net profit to equity holders	2,332.0	1,985.6
EBITDA	3,517.4	2,894.7
Gross margin (in %)	35.7	45.8
- solar glass margin	30.2	42.2
- solar farms margin	74.8	74.2
- EPC services margin	24.6	24.5
Revenue	9,527	6,007.1
- of which solar glass revenue	5,746.1	4,276.5
- of which solar farms revenue	1,473.5	1,049.8
- of which EPC services revenue	2,307.4	680.7

Sales of solar glass in the year reached HKD 5.75 billion, but the average selling price (ASP) in the period was more than 10% below that in 2016.

The solar farm unit reported 40.4% higher revenues as a result of capacity additions. At the end of 2017 Xinyi Solar had 1,754 MW of solar power capacity, as compared to 1,464 MW at end-2016.

(HKD 10 = USD 1.28/EUR 1.04)

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