Solargiga hits 10% revenue rise – on back of 48% more shipments

The Chinese manufacturer had to ship a lot more ingots, wafers, cells and modules to secure a modest rise in returns, according to its unaudited 2019 figures.

Solargiga’s small PV project development business went into sharp decline last year.

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Solar manufacturer Solargiga today gave an insight into the ever tighter margins afflicting the sector in China when it published its unaudited full-year figures for 2019.

Total revenue rose 10.2% for the Hong Kong-listed manufacturer, from RMB4.02 billion (US$584 million) in 2018 to RMB4.43 billion as ingot, wafer, cell and module production income rose 12.1% – from RMB3.92 billion to RMB4.4 billion.

That advance more than compensated for a 68% year-on-year reverse in Solargiga’s marginal project management revenues, which fell from RMB95.5 million in 2018 to RMB30.8 million last year.

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However, a huge hike in the volume of solar products manufactured and shipped was necessary to drive that modest improvement in revenue, with Solargiga moving 4,133 MW of stock, compared to 2,797 MW in a 2018, for an annual rise of 47.8%.

Bloomberg New Energy Finance analyst Jenny Chase told pv magazine at the end of last year the tighter and tighter margins affecting Chinese solar manufacturers – excluding polysilicon producers – could force some big names out of the market this year.

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