Solargiga Improves 2020 Annual Revenues By 37%

• Solargiga has increased its annual revenues for the year 2020 by 37% to a total of RMB 6.06 billion
• The company's unaudited results for last year show its shipments improved 64.8% annually to a total of a little over 6.8 GW
• Solargiga's cumulative monocrystalline silicon solar ingot and solar wafer production at the end of H1/2020 was 3.6 GW each, while that for solar modules it was 3.5 GW

Solargiga Energy Holdings Limited, a Chinese integrated solar PV company, has reported a good run in the year 2020 with its annual revenues going up 37% to a total of RMB 6.065.2 billion ($936 million), compared to a little more than RMB 4.4 billion a year back.

In a stock exchange filing wherein it shared these unaudited financial results, Solargiga said the main reason for this was higher shipments of its products. The management shared 64.8% increase in its annual shipments from 4,133.7 MW in 2019 to 6,811.2 MW in 2020.

This is a significant change since for H1/2020 the ingot, wafer and module producer company had previously issued a profit warning owing to its shift from solar cell manufacturing to using solar cells from other companies to make its modules (see Solargiga Issues Profit Warning For H1/2020). Later, it announced improving its annual revenues for the period by 41.4% (see China PV News Snippets: Talesun Solar, Solargiga).

Solargiga has its production bases all in China located in Jinzhou, Liaoning, Xining, Qinghai, Qujing, Yunan and Yancheng. At the end of H1/2020, its monocrystalline silicon solar ingot production had an annual capacity of 3.6 GW and it was the same for solar wafer production while that for modules was 3.5 GW, as per the company's interim report.