Singyes Solar records 43% rise in net profit in 2016 full-year financials

The Chinese PV manufacturing group China Singyes Solar Technologies said it was able to post solid financial results in 2016 thanks to its curtain walls business, which also includes solar power products, and to its solar power plant segment.

Revenue for last year was 5.23 billion CNY ($759.6 million), up 25.3% from 4.18 billion CNY in 2015. Net profit increased 43% from 357.4 million CNY in 2015 to 512.5 million CNY ($74.4 million) last year.

Construction contracts accounted for 3.84 billion CNY of revenue, while sale of goods accounted for 1.30 billion CNY. The segments for rendering of designing services and sale of electricity accounted for the remaining turnover. As for its solar EPC business, the company said its division registered a 51.6% year-on-year increase in revenue to 2.22 billion CNY ($322.4 million) in 2016.

At the end of December 2016, Singyes had 270.7 MW grid-connected PV power stations and 73.4 MW projects awaiting for grid-connection.

The company added it aims to expands its solar operations in Chinese regions with high electricity demand such as the Guangdong province, where it already owns operational PV plants totaling 118 MW.

Furthermore, the company said it secured the contract to build a100 MW of solar project in the Republic of Uzbekistan in December. The $147 million project is mainly financed by the Asian Development Bank.