LONGi Forecasts Massive 170.05% to 219.15% Net Profit Increase for Q1 2020

PVTIME – First quarter financial performance forecast released by LONGi Group on April 16 reveals that the company is expecting net profit attributable to shareholders in Q1 2020 to be between 1.65 to 1.95 billion yuan, an increase of 170.05% to 219.15% compared to the same period last year.

Net profit attributable to shareholders after deduction of non-recurring gains and losses stand at 1.549 to 1.849 billion yuan. When compared to the same period last year, this is an increase of 953 million to 1.253 billion yuan, good for a massive 159.9 to 210.33%

LONGi attributes this quarterly increase in performance to the company’s timely and flexible adjustment to its production and operation plans in the face of the spread of COVID-19 on a global scale. The company was thorough in its scientific control of work premises in order to guarantee the health and safety of employees which subsequently allowed the resumption of production in a timely manner. Additionally, LONGi’s expansion of production capacity combined with the increase in the sales of its monocrystalline silicon wafers and modules products during the reporting period also contributed to the increase in profits. The forecast also mentions that the increase in production scale drives productions costs down which boosts profitability.

Moreover, the company noted that, through its coordinated efforts, it was able to fully guarantee its logistics delivery capacity, maintain existing trade channels, and strengthen external communication with customers both at home and abroad to ensure the timely delivery of orders.