Solargiga posts $16.96 million net profit in 2017

Annual revenue rose 32.4% on the year to CNY 999.6 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) hit CNY 433.7 million, from CNY 130.9 million in 2016, according to a statement to the Hong Kong stock exchange.

By the end of 2017, the company's monocrystalline silicon ingot production capacity stood at 1.2 GW, on top of an additional 1.2 GW of wafer output. Its annual solar cell output reached 400 MW, while yearly PV module production stood at 1.2 GW.

Last September, the group revealed plans to invest in 1.2 GW of monocrystalline silicon ingot and monocrystalline silicon wafer production capacity in China. Mass production is scheduled to start in Qujing, Yunnan province, by the end of the second quarter of this year.

Earlier this month, a subsidiary of the group also revealed plans to invest CNY 160 million in 1 GW per year of PV module production capacity. That production line is set to become operational by the end of the first half of 2018.

In 2017, annual external shipments of monocrystalline silicon ingots reached 315.5 MW by volume, up 34% year on year. External shipments of silicon wafers hit 822.3 MW, up 62% on the year. Shipments of PV modules reached 1.25 GW, from just 769 MW a year earlier.