Kibing Group plans to invest approximately 1.45 billion yuan in Malaysia to construct a photovoltaic glass project.
On April 25th, Kibing Group announced that, to further enhance its overseas layout in the photovoltaic industry and meet the demand for photovoltaic glass, particularly in overseas markets, its subsidiary, Sabah Photovoltaic plans to New Material 1,200 tons/day photovoltaic high-transparency substrate triple-line project in the Sabah Industrial Park in Kota Kinabalu, Sabah, Malaysia, with invest approximately 1.45 billion yuan.
Kibing Group also stated in the announcement that the company began planning and constructing a photovoltaic glass project in Sabah, Malaysia, in 2022. It has constructed 2×1,200 tons/day production lines, with the first production line commissioned on February 17, 2024, and the second production line progressing smoothly and expected to be completed within 2024. Currently, the reserved land in the Sabah factory area can meet the requirements for setting up the third photovoltaic high-transparency substrate production line.
In 2022, Kibing Group also invested 850 million yuan in building a quartz sand production base in Sabah, Malaysia, to ensure the supply of raw materials for its photovoltaic glass project, while reducing the proportion of external purchases and improving the gross profit margin.
Recently, Kibing Group released its annual report for 2023, achieving approximately 15.683 billion yuan , an increase of 17.8% year-on-year, and a net profit attributable to the parent of approximately 1.751 billion yuan, an increase of 32.98% year-on-year.
Among them, ultra-clear photovoltaic glass products achieved revenue of approximately 3.412 billion yuan, a year-on-year increase of 114.13%, with a gross profit margin of 21.55%, representing a new growth point.
In the first quarter of this year, Kibing Group achieved revenue of approximately 3.857 billion yuan, a year-on-year increase of 23.2%, and a net profit attributable to the parent of approximately 442 million yuan, an increase of 292.3% year-on-year.
Source: OFWEEK