Shunfeng Reports 275.6% Increase In Revenue In 2014, Following Acquisition Of Wuxi Suntech
The clean energy company Shunfeng International Clean Energy experienced an increase in reported revenue of 275.6% in 2014, following on the heels of the the company’s acquisition and integration of the photovoltaic (PV) manufacturing giant Wuxi Suntech (April 2014).
That increase in revenue was accounted for by Shunfeng’s reported full year revenue of RMB 5,745.9 million ($926.6 million) in 2014, as compared to ($246 million) in 2013.
Perhaps more importantly, the company returned to profitability — and posted a net profit of RMB 1,304 million ($210.259 million). This compares against a net loss in 2013 of around $292.6 million. The company’s gross profit margin also increased notably, up to 22.1%, as compared against 9.9% in 2013.
Shunfeng International Clean Energy’s reported solar product segment (solar cells, modules, wafers, etc) sales rose around 159.7% last year — up to a total reported figure of 3,238.5 megawatts (MW) worth. 1,094.7 MW worth of these sales were inter-group ones.
The sales volumes (of solar cells + modules) under its manufacturing business totaled around 1,525.5 MW — representing an increase of around 217.5% from 2013, which saw a sales volume of 480.5 MW.
The company reported wafer sales of 66.9 MW — up from, effectively, 0 MW in 2013 — altogether generating roughly $123.7 million in reported revenue. The company reported monocrystalline solar cell sales of 143.7 MW in 2014 — altogether generating roughly $56.44 million in reported revenue. Reported sales of multicrystalline solar cells totaled 669.8 MW — generating roughly $219.5 million in revenue. And reported PV modules sales totalled 645.1 MW — bringing in $391.5 million in revenue.
The combined sales of PV modules, solar cells, and wafers totaled roughly ~$791 million (~RMB 4,920 million) in revenue for the year.
Product sales within China accounted for much of total revenue, 73.9% to be exact. That’s down from 84.8% in 2013 — meaning that reach into international markets has grown since then.
Image Credit: Shunfeng
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