2320.84%! Arctech to See an Increase in Performance 2023

PVTIME – On February 27, 2024, Arctech Solar Holding Co.,Ltd. (Arctech, SSE-STAR 688408), a leading global provider of solar tracking, racking and BIPV systems, has released its snapshot of operating results.

In 2023, Arctech achieved operating revenue of RMB6.435 billion (US$894.465 million), an increase of 73.79% over the previous year. Its net profit attributable to parent company was RMB 354 million yuan (US$49.206 million), an increase of 696.31% over the previous year, and after deducting gains and losses was RMB 320 million (US$44.48 million), an increase of 2,320.84% over the previous year.

Arctech’s total assets at the end of the period were RMB8.346 billion (US$1.16 billion), an increase of 49.24% over the same period last year. And the equity attributable to the parent company was RMB2.791 billion (US$387.949 million), an increase of 11.83% year on year.

For the performance growth, Arctech said it was mainly due to the strong demand for centralised ground-mounted photovoltaic power plants 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 support 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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