Shuifa Singyes reports annual results

Solar manufacturer and project developer China Shuifa Singyes Energy Holdings pledged to “strive to grow into an enterprise with a focus on renewable energy business” in its latest annual report, after diversifying into coal-fired power and petrochemicals last year, with the help of parent company Shuifa.

The curtain wall, building-integrated PV, solar products and solar farm business, which belongs to state-owned construction company Shuifa following a bail-out, reported revenue was up last year, from the RMB3.49 billion ($533 million) recorded in 2019 to RMB5.6 billion.

That saw the gross loss of RMB976 million ($149 million) suffered in a torrid 2019 swing to a RMB203 million profit in 2020, for net profits of RMB301 million, after losses of RMB995 million a year earlier.

The PV contribution to the overall figures was muted, with project development revenue falling, year-on-year, from RMB1.5 billion to RMB1.19 billion, and the sale of renewable energy goods down from RMB131 million ($20 million) to RMB120 million. Covid-related solar project delays in the first three months of the year were blamed for the setback in the engineering, procurement and construction services segment.

Revenue from the sale of electricity from Shuifa Singyes’ 447 MW solar estate rose, however, from RMB313 million, in 2019, to RMB326 million.

The extent of support offered by Shuifa since the bail-out was reflected by the fact Singyes will have to repay $12.7 million to its parent by August 27 and a further $213 million by the end of the year.

The update which kicked off the annual solar reporting season on the Hong Kong market also noted Singyes had RMB17.6 million of frozen deposits at the end of the year as the result of a civil action to secure monies owed “to certain suppliers.” The company has also had RMB7.4 million of machinery plus RMB25.5 million of frozen deposits since the end of 2019, as the result of a separate civil court ruling.