- Trina Solar’s Q3/2022 annual operating income and net profit improved 102.8% and 151.43%, respectively
- For 9M/2022, its operating income grew by 86.15% to RMB 58.2 billion while net profit went up 107.7%
- It attributes the growth to growing market demand for solar with carbon neutrality goals in sight
Chinese vertically integrated solar PV manufacturer Trina Solar improved its operating income for 9M/2022 by 86.15% YoY to RMB 58.2 billion, with the contribution of RMB 22.46 billion in Q3/2022 thanks to growing demand for solar PV in the wake of countries and companies pursuing carbon neutrality goals.
Operating income for Q3/2022 went up 102.8% YoY, with net profit for the period increasing 151.43% to RMB 1.13 billion. It added to the net profit for 9M/2022 that improved 107.7% annually to RMB 2.3 billion.
In a stock filing, the management said, “The company seized the opportunity of market development, continued to leverage its global brand and channel advantages, and achieved rapid development of the photovoltaic product business. At the same time, the company’s distributed intelligent energy, rapid development of various types of business of the source, shipments and sales also continued to grow rapidly.”
However, it did not specify the shipment numbers for the reporting period in the announcement. During the initial 2 quarters of 2022, it shipped 18.05 GW modules (see Top 10 Shipped 101.7 GW Solar Modules In H1/2022).
It continues to invest in R&D activities having spent 108.5% more money annually on the same in Q3/2022 (RMB 1.5 billion), while in 9M/2022 it increased by 88.17% to RMB 3.6 billion.
Anticipating growing market demand, in September 2022 Trina Solar said it will construct 30 GW solar cell and module production capacity in China’s Huaian (see Trina Solar’s RMB 6 billion Production Plans).