Trina Solar Improved 2020 Net Income By Over 92% YoY

Trina Solar Attributes Growth In High Margin Solar PV Module Business Overseas For Over 26% Increase In 2020 Total Operating Income

Trina Solar Improved 2020 Net Income By Over 92% YoY

Trina Solar’s unaudited business results for 2020 show the Chinese solar company grew on all fronts, with a major contribution coming from its overseas module business.

  • Trina Solar has announced its unaudited business results for 2020 reporting RMB 1.23 billion net income
  • Operating income grew by 26.51% to RMB 29.5 billion, while operating profit went up by 74.35% to RMB 1.45 billion
  • The management believes this growth in 2020 came largely due to its overseas module business doing well

Notwithstanding the disruption caused by the COVID-19 pandemic majorly in the early part of 2020, tier I Chinese solar cell and module supplier Trina Solar Co., Ltd. exited the year having grown its annual net profit by 92.25% to a total of RMB 1.23 billion.

Its operating income in 2020 added up to RMB 29.5 billion, going up by 26.51%, while the group’s operating profit increased 74.35% to RMB 1.45 billion during the reporting period.

Management attributed the growth in its net profit for 2020 to significant sales growth in the high margin PV module business overseas, though it did not provide details of the market contribution in the unaudited data shared in a stock exchange filing.

Trina Solar reported for its Q3/2020 net profit on annual basis an increase to $338.6 million, up from RMB 237.27 million a year back. Net profit during the the first 9 months of 2020 was RMB 831.6 million ($124 million), representing an annual increase of 118.94% (see Trina Solar’s Profit And Revenue Up In Q3/2020).

In January 2021, PV InfoLink released its global PV module shipment list for the year 2020 placing Trina Solar on 4th spot and its compatriot LONGi on the top position with over 20 GW shipped by the latter (see LONGi Largest Solar Module Supplier In 2020).

The Chinese company continues to focus all its energies on reaching 50 GW module production capacity by 2021-end, and as part of its future growth strategy Trina Solar has added solar trackers and very recently energy storage to its business portfolio (see Trina Solar Enters Energy Storage Business Domain).

The company provided details on its 210mm large wafer based module strategy at the recent TaiyangNews Advanced Module Technology Conference. The recording of the presentation can be viewed here.

About The Author

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews. Anu is our solar news whirlwind. At TaiyangNews she covers everything that is of importance in the world of solar power.

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