JinkoSolar Announces Quarterly Results, Module Shipments Jump Over 21%

JinkoSolar recently announced its financial results for the second quarter of the year, reporting an increase of 21.2 percent in module shipments

China-based solar module and panel manufacturer, JinkoSolar recently announced its unaudited financial results for the second quarter of the year, reporting an increase of 21.2 percent in module shipments over the three months.

Kangping Chen, CEO, said that the firm has continued its strong start of the year by further diversifying its global distribution network and expanding its market share in key overseas markets.

“Module shipments during the second quarter were 3,386 megawatts, a year-over-year increase of 21.2 percent and a sequential increase of 11.5 percent. Our gross margin was 16.5 percent, up from 12.0 percent during the same period last year, while non-GAAP net income surged to USD 29.6 million. With the expansion of our mono wafer production capacity and optimisation of cost structure, we are confident that our bottom line will have room to grow during the second half of the year,” Chen said.

Second Quarter 2019 Highlights:

• Total solar module shipments were 3,386 megawatts (“MW”), an increase of 11.5 percent from 3,037 (including intragroup solar module shipments) MW in the first quarter of 2019 and an increase of 21.2 percent from 2,794 MW in the second quarter of 2018.
• Total revenues were RMB6.91 billion (USD 1.01 billion), an increase of 18.7 percent from the first quarter of 2019 and an increase of 14.1 percent from the second quarter of 2018.
• Gross margin was 16.5 percent, compared with 16.6 percent in the first quarter of 2019, and 12.0 percent in the second quarter of 2018.
• Income from operations was RMB260.3 million (USD 37.9 million), compared with RMB235.7 million in the first quarter of 2019 and RMB94.6 million in the second quarter of 2018.

“2019 will be a milestone for the global solar industry as grid parity rapidly approaches. A number of emerging overseas markets are quickly reaching GW-level as the cost of PV power generation continues to decline, which is creating enormous opportunities for us and, our high-efficiency mono products in particular. With our new production facility in Leshan, Sichuan Province expected to reach full mono production capacity of 5 GW by the end of 2019 and preparations for another 5 GW capacity expansion already underway, we are ideally positioned to benefit from the growth opportunities ahead,” he added.

In July, it was reported that JinkoSolar Holding had touched new milestones in the month of July, winning the Frost & Sullivan award for 2019 and supplying its highest efficiency mono panels for the world’s largest solar project in Abu Dhabi.