JinkoSolar Announces Financial Results; Net Profit Stands at $96 Million

JinkoSolar Holding Company that claims to be one of the largest and innovative solar module makers in the world, has announced its financial results for the fourth quarter and full year ended December 31, 2022.

Fourth Quarter Results of 2022

JinkoSolar said that the quarterly shipments were 16,802 MW solar modules, cells and wafers which is an increase of 73.3% year-over-year.

The total revenues were $4.41 billion an increase of 85.5% YoY. The firm clocked a gross profit of $620 million which is up 61.7% YoY.

Full Year 2022 Operational and Financial Highlights

JinkoSolar said that its annual shipments were 46,580 MW (including 44,520 MW for solar modules, and 2,060 MW for cells and wafers). This is up 84.5% YoY.

The total revenues for the entire year were $12.11 billion which is up 104.6% YoY. This rise was mainly attributable to an increase in the shipment of solar modules.

Gross profit stood at $1.79 billion and gross margin was 14.8% compared with 16.3% in full year of 2021. The decrease was mainly due to an increase in the cost of silicon. The Net income for the entire year was $96.4 million.

JinkoSolar said that there was a significant year-over-year growth in module shipments owing to strong global demand. The firm at the end of 2022, claimed to become the first module manufacturer in the world to have delivered a total of 130 GW solar modules.

In December 2022, its N-Type monocrystalline silicon solar cell recorded maximum conversion efficiency of 26.4%. Its N-type module shipments of approximately 7 GW in the fourth quarter helped achieve the 10 GW target set for the full year 2022.

Xiande Li, Chairman and CEO, JinkoSolar, said, “We closed a challenging 2022 with satisfactory results as we delivered strong operational and financial performance in the fourth quarter. Leveraging our outstanding global supply chain management and marketing network, our total shipments and total revenue increased significantly year over year. At the end of 2022, we became the first in the industry to reach the milestone of delivering a total of 130GW solar modules.”

The JinkoSolar CEO added that throughout the year, as raw material costs continued to rise, the firm continued to optimize the cost structure relentlessly through technical advancement and manufacturing process improvement, which partially relieved the pressure on profitability. “Annual shipments of high-efficiency premium N-type products exceeded 10 GW, further optimizing our product mix and gradually improving our profitability. Net income was approximately US$102.9million, up 29.1% sequentially, and nearly tripling year-over-year.” he added.