Ahead of the US stock market on Wednesday, Daxin Energy announced results for the fourth quarter and full year of 2023.
The Zhitong Finance App learned that before the US stock market on Wednesday, Daxin Energy (DQ.US) announced the results for the fourth quarter and full year of 2023. According to financial reports, Daxin Energy's Q4 revenue was US$477 million, or US$864 million in the same period last year, down 44.8% year on year; net profit attributable to the company's shareholders was US$44.9 million, compared to US$333 million in the same period last year; revenue per ADS was US$0.64, compared to US$4.26 in the same period last year.
Adjusted net profit attributable to the company's shareholders was US$66 million, compared to US$363 million for the same period last year; adjusted earnings per ADS were $0.94, compared to US$4.65 for the same period of the previous year.
Compared to the third quarter of 2023, the decline in revenue was mainly due to a decrease in sales volume, which was offset by an increase in average selling price (ASP).
Polysilicon production in the fourth quarter was 61,014 tons, compared to 57,664 tons in the previous quarter; sales volume was 59,906 tons, compared to 63263 tons in the previous quarter.
The average total production cost of polysilicon was $6.50/kg, compared to $6.52 per kilogram in the previous quarter; the average cash cost of polysilicon was $5.72/kg, compared to $5.67/kg in the previous quarter. ASP was $7.97 per kg compared to $7.68 per kg in the previous quarter.
In terms of full-year results, the company's revenue was US$2.309 billion, or US$4.608 billion; net profit attributable to the company's shareholders was US$421 million, compared to US$1,820 million in the same period last year; and revenue per ADS was US$5.64, compared to US$24.00 for the same period last year.
Looking ahead, the company expects to produce around 60,000 tons to 62,000 tons of polysilicon in the first quarter of 2024. It is estimated that around 280,000 tons to 300,000 tons of polysilicon will be produced throughout 2024, including the impact of the company's annual facility maintenance.
After the announcement of the financial report, as of press release, the stock was up 3.90% in the premarket.