2,270.60%! Arctech Expects an Increase in Performance 2023

PVTIME - On January 29, 2024, Arctech Solar Holding Co.,Ltd. (Arctech, SSE-STAR 688408), a leading global provider of solar tracking, racking and BIPV systems, has announced its earnings guidance.

It is expected to achieve net profit of approximately 354 million yuan (US$49.312 million) in FY2023, representing an increase of approximately 310 million yuan (US$43.183 million) or approximately 696.70% year on year. And after deduction, its net profit is estimated to be approximately 313 million yuan (US$43.6 million), representing an increase of approximately 2,270.60% year on year.

For the performance growth, Arctech said it was mainly due to the strong demand for centralised ground-mounted photovoltaic power stations in the global market, which led to the rapid development of its photovoltaic support systems and mounting products, leveraging its advanced global sales channel and service network, as well as efficient supply and delivery systems, to achieve the growth in operating income and net profit.

At the same time, Arctech's previous strategic layout in the photovoltaic bracket business was gradually fulfilled as the amount of orders increased in 2023. As of 31 December 2023, Arctech's booked orders totalled approximately 4.7 billion yuan (US$654.71 million), of which approximately 3.6 billion yuan (US$501.48 million) was for tracking system, 1 billion yuan (US$139.3 million) was for fixed bracket and 100 million yuan (US$139,300) was for other.

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