Xian Longi Silicon, a leading Chinese producer of monocrystalline silicon components for the solar PV industry, has posted extremely strong first half (H1) 2016 financials in which profit and revenue increased significantly.
According to the latest financial report, Longi achieved operating income of 6.424 billion yuan ($968 million) in H1, which represented a 282.15% increase year-over-year. In terms of profits, Longi posted a net increase of 634.2% in the space of a year, reaching H1 profits of $129.77 million.
Throughout the first six months of the year Longi ran its production lines at full capacity, producing 667 million pieces of monocrystalline silicon wafer (a 132% increase y-o-y), shipped 704 million silicon wafers and increased its monocrystalline silicon chip sales by 110.87%.
Monocrystalline module yield was up 496% compared to H1 2015, reaching 910.28 MW, with shipments hitting 922 MW a sales increase of 101.3%.
The firms PERC activities were also massively increased, reaching 900 MW of PERC cell production by the end of H1.
Allied to these impressive figures came the news that Longi is preparing to invest 1.6 billion yuan ($240 million) in the construction and development of a new fab in Malaysia. The facility will be located in the Sama Jaya Free Industrial Zone in Kuching City, Sarawak State, and will comprise production capacities of 1 GWp for wafers, 500 MWp for monocrystalline silicon solar cells, 500 MWp for PV modules and 300 MWp for ingots.
This new fab will augment the existing facility on the site, which was bought by Longi from bankrupt solar firm SunEdison earlier this year. Operations are expected to begin in the first quarter of 2017.