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Thin film solar firm Midsummer's profits, revenues rise in 2018

Source: Midsummer presentation (midsummer.se).

March 22 (Renewables Now) - Swedish thin film solar technology company Midsummer AB (STO:MIDS) today reported a 60% increase in its profit for 2018 and said revenues jumped by 90% to SEK 218.16 million (USD 23.7m/EUR 21m).

Profit for the year was SEK 36.9 million, up from SEK 23.1 million in 2017. CEO Sven Lindstroem said these are the firm’s “best sales and result figures ever”.

Midsummer has started moving production equipment into new premises near Stockholm to opens up space for increased production of the DUO machines and for in-house manufacturing of photovoltaic (PV) cells and modules, Lindstroem added.

The table contain details on the company’s performance in 2018.

Results in SEK million 2018 2017 Q4 2018
Net sales 218.2 115 53
EBITDA 57.1 41.8 12.3
Operating profit 35.75 25 5
Result for the period 36.9 23.1 4.7
Cash flow from operations 24.5 22.7 (12.6)

At the end of the year, Midsummer's order book stood at SEK 265 million.

The report for the first quarter of 2019 is expected to be published on May 15.

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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