Solar tracker maker Soltec Power Holdings recorded a net profit of €13.1 million ($14 million) in financial year (FY) 2022, a year-over-year (YoY) increase of 1191% compared to the net loss of €1.2 million (~$1.3 million) in FY21.

The profit was driven by solid demand for trackers and the company’s measures to mitigate industry disruptions.

The company delivered a record 3.8 GW of trackers in 2022. It has supplied a total of 15.6 GW of trackers to date.

The company recorded earnings before interest, taxes, depreciation, and amortization (EBITDA) of €32.6 million (~$34.6 million), a 572% YoY increase compared to a loss of €6.9 million (~$7.3 million) last year.

Soltec recorded revenue of €568.2 million ($604.2 million) in FY22, a YoY increase of 64% compared to €346.5 million (~$368.4 million).

Manufacturing and supply of solar trackers account for 74% of revenues, while construction services contributed to the rest.

Source: Soltec

The Spain-headquartered company said its industrial division maintained positive operating indicators, with a backlog of €252 million ($268 million) for 1,231 MW in Latin America, North America, and Europe.

The company said that the pipeline of the project development division reached 14.4 GW at different stages of development, with a presence in Spain, Italy, Denmark, Romania, Brazil, Colombia, the United States, and Mexico.

Q4 FY22

Soltec recorded a net profit of €8.5 million (~$9 million) in the fourth quarter (Q4) of FY22, a decline of compared to €18.8 million (~$20 million) in the same period last year.

The EBITDA for the quarter was €24.2 million (~$25.7 million), a 54% YoY increase compared to €15.7 million (~$16.7 million).

Soltec recorded revenue of €164.8 million (~$175.2 million) in Q4, a YoY increase of 3% compared to €159.6 million (~$169.7 million).

The company recorded a revenue of €411.8 million (~$437.8 million) in FY21, a YoY increase of 74% compared to €236.2 million (~$251.1 million) in 2020.

In July 2021, the company’s global solar photovoltaic project development division and Banco de Nordeste do Brasil signed an agreement to finance a 375 MW solar PV project in Brazil amounting to €86 million ($91.4 million).