Daqo's major operating unit expects huge jump in H1 profit
Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic.
July 8 (Renewables Now) - Xinjiang Daqo New Energy (SHA:688303), the separately-listed major operational subsidiary of Chinese solar-grade polysilicon producer Daqo New Energy Corp (NYSE:DQ), expects to report a year-on-year surge of up to 344% in its first-half net profit.
According to preliminary figures released on Friday, the company will post an attributable net profit under PRC GAAP of between CNY 9.4 billion (USD 1.4bn/EUR 1.38bn) and CNY 9.6 billion for the first half of the year compared to CNY 2.16 billion a year earlier.
For the first quarter of 2022, Xinjiang Daqo has already reported an attributable net profit of CNY 4.31 billion.
Daqo New Energy says that Xinjiang Daqo accounts for most of the group’s revenue and net profit. The New York-listed company currently has a total polysilicon nameplate capacity of 105,000 tonnes per year.