Jolywood strikes record revenue and also revenues as TOPCon solar modules in volume ramp

• China-based PV backsheet and high-efficiency PV module producer Jolywood (Suzhou) Sunwatt Co (Jolywood) has actually reported record 3rd quarter 2020 profits and earnings, while going beyond 2019 full-year monetary cause the initial 9 months of 2020 as it remains to perform on high-efficiency n-type TOPCon module deliveries to utility-scale PV nuclear power plant projects.

The company reported third quarter income of RMB1,587 million (US$ 236.7 million), up 18.36% from the prior year duration as well as the 2nd successive quarter of record income.

Jolywood reported third quarter internet profit of RMB152.9 million (US$ 22.8 million), up 33.35% from the prior year period and a record quarter for the business.

After recuperating from the effect of COVID-19 in the very first quarter of 2020, Jolywood's earnings for the first 9 months of the year got to a record RMB3,621 million (US$ 539.4 million). Web earnings for the very first 9 months of the year exceeded RMB 263.4 million (US$ 39.2 million). Full-year 2019 profits and also revenues were US$ 507.84 million and US$ 36.26 million, which were exceeded in the first 9 months of 2020.

Several elements have been in play in the 44.85% profits increase from the prior year duration. Firstly, Jolywood has actually been the very first PV module maker to volume ramp 2GW of high-efficiency n-type TOPCon (Tunnel Oxide Passivated Contact) cell as well as module assembly capacity, while protecting major utility-scale orders. The business is completely scheduled in 2020.

Jolywood is also taking advantage of the overall healing in PV module demand, boosting earnings in its backsheet business and also possibly benefiting from need for clear backsheets made use of for bifacial solar modules as solar glass ability has actually not stayed on top of demand as well as costs have climbed throughout most of the year.

Jolywood also noted that it had actually remained to increase R&D investing as it better created TOPcon cell innovation, reporting R&D expenditure in Q3 2020 raised over 32% from the prior year period, getting to RMB27.98 million (US$ 4.17 million). R&D spending in the first 9 months of 2020 has covered US$ 17.09 million, compared to a total of US$ 17.66 million in 2019.