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Flat Glass Group saw net profit increased by 112% in third-quarter report

China-based glass maker Flat Glass Group (FGG) released its third quarter report of 2021 on October 20, revealing the realization of an operating revenue of RMB 6.337 billion in the first three quarters, a YOY increase of 58%; The net profit was RMB 1.717 billion, a YOY increase of 112%; The basic earnings per share was RMB 0.8 yuan, compared with RMB 0.42 yuan in the same period last year. In the third quarter, the operating revenue was RMB 2.309 billion, a YOY increase of 52% and a MOM increase of 17%; The net profit was RMB 456 million, a YOY increase of 30% and a MOM increase of 8%.

FGG is one of the makers of China’s photovoltaic glass industry standards. It is also the first photovoltaic glass enterprise in China and the fourth photovoltaic glass enterprise in the world to obtain Swiss SPF certification. The company is at the industry leading level in key technologies such as formula, production process and self explosion rate control of photovoltaic glass. By the end of 2020, with a market share of 20%, FGG ranks second only to Xinyi Solar in the industry, and is one of the double oligarchs in the photovoltaic glass industry.

Thanks to the continuous improvement of the prosperity of photovoltaic industry in recent years, FGG has also ushered in a period of rapid development. From 2015 to 2020, the compound growth rate of revenue reached 43%, and the compound growth rate of net profit reached 76%. As of yesterday’s close, FGG’s total market value was RMB 107.1 billion, up 26% year to date.


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