Major PV inverter manufacturer Sungrow has reported a significant recovery in revenue and profitability in the second quarter of 2020, after financial figures suffered in the first quarter, due to the impact of COVID-19 on both its PV project and EPC business and demand for PV inverters in China.
Major PV inverter manufacturer Sungrow has reported a significant recovery in revenue and profitability in the second quarter of 2020, after financial figures suffered in the first quarter, due to the impact of COVID-19 on both its PV project and EPC business and demand for PV inverters in China.
Sungrow’s total operating income (revenue) in the first quarter of 2020 fell to RMB 1,846 million (US$ 269.8 million), compared to record revenue of around US$850.4 million in the fourth quarter of 2019. Net profit had followed the same downward path, resulting in figures of US$23.3 million in the first quarter of 2020, compared to a net profit of US$49.4 million in the previous quarter.
However, the second quarter of 2020 marked a complete turnaround with revenue reaching RMB 5,095 million (US$744.67 million), Sungrow’s second highest quarterly figures. Net profit was RMB 286.62 million (US$41.88 million).
As a result, first half year revenue reached RMB 6,942 million (US$1,01 billion), a 55.57% increase over the prior year period, Net profit in the reporting period was RMB 446,13 million (US$65.2 million) 71.95% increase, year-on-year.
Key to the rebound was the growth in PV inverter sales within its PV Inverter & Power Conversion business segment, which reached around RMB 2,669 million (US$390.12 million) in the first half of 2020, compared to around US$243.3 million in the prior year period, a 60% increase, year-on-year.
Overall sales in the reporting quarter were also boosted by its energy storage segment, which was claimed to have increased sales to around US$35.6 million, up almost 50% from the prior year period, according to the company.
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