Canadian Solar has reported a net profit increase to $237.1m in net profit for 2018. Credit: US Department of the Interior.

Solar photovoltaic manufacturer Canadian Solar has reported its end of year results on 21 March, reporting a 138% year-on-year increase in net profit from $99.6m in 2017 to $237.1m in 2018.

The company’s net revenue was just over $3.7bn in 2018, an increase of $350m from $3.4bn in 2017. Canadian solar also noted that its total solar module shipments in 2018 stood at 6,615MW, a decrease of 213MW compared to 6,828MW in 2017.

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Canadian Solar chairman and CEO Dr Shawn Qu said: “2018 was a record year for us as our revenue, total module shipments and gross margin all exceeded our expectations for both the fourth quarter and full year 2018.

“Our integrated business strategy and commitment to profitability helped us achieve a new high for Canadian Solar, as we delivered net income of $3.88 per diluted share. The acceleration on the sale of certain solar power projects also positively contributed to the revenue and profit in 2018.

“2018 was a record year for us as our revenue, total module shipments and gross margin all exceeded our expectations for both the fourth quarter and 2018.”

“However, this will reduce our project sales revenue and profit in 2019, as noted in our outlook. Our portfolio of solar power plants in operation as of February 28 was approximately 986 MW, with an estimated total resale value of approximately $1.2bn.”

The company’s total solar module shipments in the fourth quarter were 1,951MW, an increase from the third quarters’ total of 1,590MW.

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Canadian Solar made a series of divestments in the US in the fourth quarter, including Garland and Tranquillity solar power plants totalling 260MW and the 210MW Mustang 2 solar power project.

In China the company completed the sale of 247MW of solar power plants and in Brazil it divested its 20% interest in the 399MW Pirapora portfolio in the last quarter.