China’s Goldwind Earns 292.3 M Net Profit in H1 FY21

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Beijing-based wind turbine manufacturer Goldwind has released interim results for 2021, reporting a net profit of around CNY 1.9 billion ($292.3 million) in the first half of the financial year.

Officially known as Xinjiang Goldwind Science & Technology Co., Ltd., this state-owned multinational realised revenue of CNY 17.85 billion in H1 FY21. Gross profit was CNY 4.919 billion, an increase of 48.3% YoY; gross margin was 27.6%, an increase of 10.5 percentage points YoY. This was mainly attributed to increased percentage of offshore sale capacity YoY, and increased margin from wind farm investment and development YoY, said the company.

EBITDA for H1 2021 increased by 43.3% YoY, the ratio of EBITDA to revenue increased by 7.8 percentage points YoY to 21.9%.
Net profit attributable to the company was CNY 1.849 billion, an increase of 45.0% YoY.

In the first half of 2021, China recorded 10.84 GW new grid- connection, an increase of 71.5% yoy. As of 30 June 2021, cumulative grid-connection of wind power totalled 291.9 GW , an increase of 34.7% yoy. Wind power took 12.9% in China’s power mix. Wind power is the only power source with a cumulative installed capacity growth rate of more than 30%.

In 1H21, China’s total power consumption was 3933.9 billion kWh. Wind average utilization was 1,212 hours in 1H21, increasing by 89 hours.

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As of 30 June 2021, Goldwind’s overseas external order backlog totalled 1,871 MW, an increase of 18% YoY. Orders scatter in Vietnam, Chile, Kazakhstan, Pakistan, the Philippines, etc. Overseas attributable under-construction and pipeline capacity totaled 893 MW, scattering in Australia.

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As of the end of 1H21, the company’s attributable, grid-connected wind power projects totalled 5,619MW, of which 31% domiciled in Northwestern region and 30% domiciled in East China and Southern region. The firm added 302MW of attributable, grid-connected wind power capacity at home and abroad in 1H21, of which 199MW domiciled in China, and disposed of 273MW. The net operating cash outflow for the first half of 2021 was CNY 4.088 billion.

The full results can be accessed here.