Chinese solar module manufacturer Jinko Solar has posted an improved financial result for the first quarter of 2023, as its net profit attributable to ordinary shareholders increased by 18.6% quarter-on-quarter.
In Q1 2023, Jinko Solar’s profit was RMB788.7 million (US$114.8 million), increasing from RMB665 million in Q4 2022 or by 18.6%.
However, the company recorded a significant year-on-year increase as its net income attributable to ordinary shareholders in Q1 2022 was only RMB28.9 million, which was equivalent to a 2629% increase.
The total revenue for the first quarter of 2023 was RMB23.33 billion, down 22.2% sequentially from RMB30 billion, but up 58% year-over-year from RMB14.76 billion.
Gross profit was RMB4.04 billion, down 4% sequentially and up 81.5% year-over-year. The gross margin in Q1 was 17.3%, compared with 15.1% in Q1 2022.
Quarterly shipments in Q1 2023 were 14,490MW, including 13,038MW for solar modules, and 1,452MW for cells and wafers, down 12.8% sequentially and up 72.7% year-over-year.
More: Jinko Solar’s quarterly profit up 18%, expects module shipments to reach 70GW in 2023