String solar inverter supplier, Ginlong Technologies, has reported revenues of $52 million in the third quarter (Q3) of the calendar year 2019 compared to Q3 2018.
This jump in revenue represented an 82% increase on a year-on-year (YoY) basis. The net income of Solis stood at $6.8 million, representing a jump of 53% over Q3 2018.
According to the company, the increase in revenue and profits this year were due to market development operations, orders for inverters, and other products in addition to an increase in production capabilities and marketing efforts. A revamp in the collection of receivables and a boost in net cash flow generated by operating activities by nearly 230% were also the reasons for the positive results.
The company also announced that the increase in revenue was complimented with market share gains globally.
In March 2019, Ginlong was listed as a public company on the Shenzhen Stock Exchange. Through this, it became the first string inverter supplier to be listed on the Shenzhen Stock Exchange. Ginlong claims that this financial expansion has helped the company attract new research and development (R&D) engineers, as well as offer more training to core team members and recruits.
Ginlong has also announced that it will be expanding its business across the utility-scale solar sector. The company claims that it has invested $8.6 million to create a wholly-owned subsidiary – Ginlong Smart Energy Co., Ltd., which will be dedicated to solar project construction, operation, and ownership in China. The company is expected to focus on utility-scale project development as well as engineering, procurement, and construction.
At Renewable Energy India (REI) Expo 2019, Mercom had a chance to interview Honey Raza, sales head (India) at Ginlong Solis, to discuss market trends, opportunities, and challenges that they face as an inverter supplier in India and around the globe. Read the interview here.
Shaurya is a staff reporter at MercomIndia.com with experience working in the Indian solar energy industry for the past four years in various roles. Prior to joining Mercom, Shaurya worked with a renewable energy developer and a consulting company. Shaurya holds a Bachelors Degree in Business Management from Lancaster University in the United Kingdom.