China’s polysilicon giant Tongwei’s net profit surged 265% on year in Jan – Sept

 

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Tongwei Co. Ltd, the world’s largest polysilicon supplier and cell production powerhouse, said its net profit attributable to parent reached 21.7 billion yuan in the first three quarters of the year, surging 265.54% from a year earlier. Revenue jumped 118.6% to 102.1 billion yuan. 

The demand for high purity silicon products have maintained strong during the report period, with prices surging from a year earlier, and meanwhile, the production of the company’s new capacity have climbed, Tongwei said.

Production and sales of Tongwei’s solar cells have been robust, with output surging from a year earlier; product portfolio continued to optimize, helping improving profitablity; and feed business also achieved growth in sales and profit, it said.

Tongwei’s net profit in the first quarter was 5.194 billion yuan, rising to 7 billion yuan in the second quarter.

Tongwei, the leader in both silicon materials and cell productionm achieved an operating revenue of 60 billion yuan in the first half of this year, up by 127% year over year. Its net profit of 12.2 billion yuan for the first half, surging 312% year over year, surpassed LONGi Green Energy’s revenue and profit for the first time to reach the top of PV sector rankings.