Aiko Solar Releases Q3/2021 Financial Report

Chinese Cell Maker Aiko’s Q3/2021 Operating Income Up, Profit Down

Aiko Solar Releases Q3/2021 Financial Report

While Aiko Solar’s operating income went up in Q3/2021 and 9M/2021, its net profits declined owing to high raw material prices during the period. (Photo Credit: Aiko Solar)

  • Aiko Solar has reported its Q3/2021 operating income to have increased 69.05% on annual basis to RMB 4.33 billion
  • During 9M/2021, it was an increase of around 79% annually with RMB 11.19 billion operating income
  • Net profits declined YoY, both during Q3/2021 and 9M/2021 due to high silicon wafer prices and pandemic related factors
  • The management is confident of a stable supply of raw material for its cell production in the near future

Aiko Solar, the PERC solar cell manufacturer from China, has reported its Q3/2021 financial results, reflecting an annual increase of 69.05% YoY for its operating income that added up to RMB 4.33 billion. On sequential basis too, it was an increase of 12.17%.

During 9M/2021, its operating income went up 78.99% over 9M/2020 to RMB 11.19 billion.

Share of large size cell shipments continued to increase in overall numbers, having grown from about 50% in Q2/2021 to more than 60% in Q3/2021.

Nonetheless, the management reported net profit of RMB -22.06 million during the reporting quarter, down 109.29% compared to RMB 237.1 million net profit it reported in Q3/2020 (see Aiko Solar’s Net Profit Up In Q3/2020). However, on sequential basis, it increased 82.26%.

Between January 2021 and September 2021, Aiko Solar’s profits dropped 112.25%, vis-à-vis 9M/2020 with RMB -45.82 million. For this decline, the management mainly blames the increase in raw material prices being more than that of sales prices, along with multiple impacts of the COVID-19 pandemic, increase in consumption of electricity and tight supply of raw materials.

Going forward, Aiko Solar is confident of a stable supply of silicon wafers for its business as it enters into various supply agreements with a number of vendors. Very recently, the company secured 2.88 billion silicon wafer supply agreements with Shuangliang Eco-Energy and Hongyuan New Material to be supplied between November 2021 to December 2024 (see China PV News Snippets).

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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