Solargiga Turns Around to Profit in FY2021 With Net Profit at RMB$193.2 Million
HONG KONG, Mar 30, 2022 - (ACN Newswire via SEAPRWire.com) - Solargiga Energy Holdings Limited ("Solargiga" or the "Group"; HKEX: 757), a leading vertically integrated enterprise that manufactures monocrystalline photovoltaic products for generating solar energy in the PRC, announced today its annual results and that it turned around to profit for the year ended 31 December 2021. Driven by increase in sales of its major products, photovoltaic modules and monocrystalline silicon wafers, plus the climb in average selling price of silicon wafers, the Group's revenue increased by 17.4% to RMB7,105.0 million, with total external shipment volume up 7.8% year-on-year. It achieved a significant turnaround with profit attributable to owners of the parent at approximately RMB193.2 million when compared with a loss recorded last year, mainly due to substantial increase in its high-efficiency production capacity and economies of scale, which helped widen its overall gross profit margin.During the year under review, as a result of the increase in sales of monocrystalline solar wafers which boast a higher profit margin, the Group's gross profit rose by 50.1% to RMB879.1 million, with gross profi...
Solargiga’s 2020 Shipment Climbs 64.8%, Boosting Revenue by 36.8% to RMB6,050 Million
HONG KONG, Apr 1, 2021 - (ACN Newswire via SEAPRWire.com) - Solargiga Energy Holdings Limited ("Solargiga" or the "Group"; HKEX: 757), China's leading vertically integrated enterprise engaged in the manufacture of monocrystalline photovoltaic products for generating solar energy, announced its annual results for the year ended 31 December 2020. Reaping the benefits of the results from strengthening customer relationships over the years, the Group's high-end photovoltaic products continued to be welcomed by domestic state-owned enterprises and multinational corporations. Total shipment volume increased notably by 64.8% to 6,811MW in 2020, boosting the Group's revenue up by 36.8% to approximately RMB6,050 million.Following the launch of its highly efficient new production capacity and completion of renovation of its existing production facilities, the Group's gross profit surged by 71.6% to approximately RMB586 million, and gross profit margin improved to 9.7% (2019: approximately RMB340 million and 7.7% respectively). Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached approximately RMB276 million (2019: RMB49.1 million), representing a notable increase ...
Tech stars quit Silicon Valley in political, pandemic shift
SAN FRANCISCO • Silicon Valley is seeing departures of some of its high-profile stars as a pandemic-linked shift to remote work and political polarisation have dulled the allure of the key tech industry hub. Nightmarish traffic and high living costs were already causing disenchantment even before the pandemic spoilt the serendipity of the northern California destination for top talent. Droughts and rampant wildfires have also taken a toll. Those leading the exodus include Tesla chief Elon Musk and Oracle co-founder Larry Ellison, along with Palantir co-founder Peter Thiel and the data analytics firm's chief executive Alex Karp. Some companies are also packing up and moving their headquarters, including Silicon Valley stalwarts Oracle and Hewlett Packard Enterprise (HPE), both headed for Texas. Founded in 1977 in Silicon Valley, Oracle said this month it was moving to position the company "for growth and provide our personnel with more flexibility about where and how they work". HPE, a spin-off of the historic Silicon Valley firm Hewlett-Packard, said it was moving to Houston "to meet customers where they are in their digital transformations in these extraordinary times". "There was...