China-based cell and module manufacturer Jinko Solar‘s net income surged 155% year-on-year (YoY) to RMB836.4 million ($121.8 million) for the first quarter (Q1) of the financial year (FY) 2023, primarily on higher module shipments.

The company’s module shipments for the January-March quarter increased 62.3% to over 13 GW compared to about 8 GW YoY.

“With polysilicon prices being volatile in the first quarter, we adjusted our supply chain strategy to control costs effectively. Total overseas shipments of modules and cells reached $13.1 billion in the first quarter, representing an increase of 15.3% YoY,” JinkoSolar’s Chairman and CEO Xiande Li said.

The company’s overall shipments, including modules, cells, and wafers, increased by 73% YoY to 14,490 MW.

The company also said that by the end of Q1 2023, it has cumulatively delivered 150 GW of solar modules.

A decline in polysilicon prices also stimulated the demand for modules during Q1. Jinko said that the module shipments to the Chinese market grew by over two times YoY, while the shipments to Europe increased by over 50% YoY.

The company shipped approximately 6 GW of N-type solar modules during the quarter while it achieved a mass production efficiency of 25.3% for its N-type TOPCon (tunnel oxide passivated contact) cells.

Li said, “By the end of the first quarter, our accumulated N-type module shipments exceeded 16 GW, providing support for hundreds of projects globally in the past year. In January 2023, we launched the second-generation Tiger Neo panel family. The module efficiency of the upgraded Tiger Neo family of 445Wp for 54-cell, 615Wp for 72-cell, and 635Wp for 78-cell was up to 22.27%, 23.23%, and 22.72%, respectively.”

Jinko’s revenue for FY 2022 doubled to RMB83.53 billion (~$12.11 billion), which the company attributed to an increase in annual solar module shipments totaling 46.6 GW (44.5 GW solar modules and 2 GW cells and wafers), up 84.5% YoY.

Also, in January, the Saudi Arabia-based subsidiary of Jinko Power Technology —Al Ghazala Energy Company, achieved financial close and commenced construction of its 300 MW Saad Solar Project in the Kingdom. The project is part of the third round of competitive tenders in Category B under the Kingdom’s National Renewable Energy Program. It is expected to be commissioned by the end of 2024.