Solar glass firm shines as net rises 88pc to $4.5b
Xinyi Solar (0968) said its net profit surged 88.7 percent year-on-year to HK$4.56 billion for 2020, thanks to a strong recovery of both price and sales volume in the second half.
The solar glass firm declared a final dividend of 17 Hong Kong cents per share. Basic earnings per share were 55.40 Hong Kong cents.
Gross profit rose 68.30 percent to HK$6.58 billion while the gross profit margin climbed 10.50 basis points to 53.50 percent, compared to the previous year.
Operating profit jumped 76.64 percent to HK$5.58 billion year-on-year and revenue grew by 35.4 percent to HK$12.31 billion.
The company plans to expand its capacity given market expectations that the demand for solar glass will stay high.
Meanwhile, its solar farm operating arm Xinyi Energy's (3868) net profit rose 3.5 percent to HK$922 million last year.
It declared an interim dividend of 8.5 Hong Kong cents, same as the previous year. This came as its revenue increased by 8.1 percent to HK$1.72 billion.
The company said the increase was mainly attributable to the full performance of the 2019 portfolio and new acquisitions in 2020.
In 2020, the portfolio generated revenue of HK$566.9 million, representing an increase of 44.5 percent year-on-year.
Also reporting a good year was Xinyi Glass (0868), whose net profit surged 43.4 percent to HK$6.42 billion year-on-year in 2020.
The glass manufacturer declared a final dividend of 62 Hong Kong cents per share, compared to basic earnings per share of 159.50 Hong Kong cents.