Sungrow 1H 2020 Fiscal Report: Revenues up 55.57% Year-on-Year

PVTIME – Sungrow, the global leading inverter solution supplier for renewables, posted its 1H fiscal report in late August, showing a huge growth on revenue, underlining the solid financial result and strong competitiveness for the first half of 2020 despite the impact of the pandemic.

Specifically, the revenue increased by 55.57% year-on-year (YoY) to US$ 987.2 million in 1H 2020, while net income grew by 34.13% YoY to US$ 63.4 million, due to strong performance in Americas, Europe and China. Operational cash flow also improved by 85.41% per the statement.

Sungrow continues to lead the global market with a revenue of US$ 870.8 million in the PV segment, embracing a YoY increase of 48.49%. The energy storage segment meanwhile has enjoyed a staggering 49.66% YoY growth to US$ 35.6 million in revenues for 1H 2020.

The Company attributes the boost to strong performance to the continued efforts in pioneering technical innovations and expanding global footprints. Sungrow’s cumulative shipment reached 120 GW as of June this year and has more than 1000 deployments of its integrated energy storage solutions over the world. The agile local team can offer responsive technical support, sales and 24/7 after-sale service, which is essential for forging partnerships during COVID-19.

“As a pioneer, Sungrow keeps offering state-of-the-art products and solutions to meet diversified global market demand. The forecast for the second half of 2020 is optimistic as the global market heads to recover in a few months,” said Prof. Cao Renxian, Chairman of Sungrow.

Prof. Cao also mentioned that Sungrow was once again ranked “100% bankable” by BloombergNEF as per the latest bankability survey, becoming the only inverter brand ranked “100% bankable” for two straight years.