South Korean solar module developer Hanwha Q Cells revenue increased 34.8% in 2016 to almost $2.43bn, compared with $1.8bn in 2015.
The increase was mainly down to module shipments growing 55% to just over 4.58GW last year from 2.96GW in the previous 12 months.
Gross profit also rose to $454.7m, compared with $334.0m in 2015, the company said.
Hanwha Q Cells chairman and chief executive Seong-woo Nam said: “We achieved record high total module shipment and revenue in the full year 2016 while establishing solid market positioning in key strategic markets in both mature and emerging countries.”
He added that, despite concern of over global solar demand, the company had started 2017 strongly.
“Hanwha Q Cells was awarded the tender to construct the region’s largest 1GW solar power plant in Turkey, which will help us establish a stronger foothold in the region with great growth potentials, and we have also entered into several large module supply contracts strengthening our sales backlog for the year.”
The company estimates net revenues in the range of $410m to $430m in the first quarter of 2017 and expects total module shipments in the range of 5.5GW to 5.7GW for the whole of this year.
Image: Hanwha Q Cells
