J&V Energy Reports Record Revenue and Profit in Q1, Expects to Continue Strong Growth Momentum

Solar Energy

The Board of Directors of J&V Energy (6869) today approved the financial results for the first quarter of 2023, reporting a consolidated revenue of NT$939 million, consolidated net income after tax of NT$85.91 million, up 62% YoY from the same period last year, and earnings per share after tax of NT$0.72, up 64% YoY from the same period last year. The strong growth momentum is mainly attributed to revenue from photovoltaic, energy storage systems, and water treatment engineering projects. J&V Energy expects to continue its strong growth trajectory this year, driven by the domestic green energy policies and growing corporate demand for renewable energy; the company has set its sights on achieving NT$10 billion in revenue for the whole year.

J&V Energy's consolidated revenue for the first quarter of this year was NT$939 million, a 27% growth from NT$737 million during the same period last year, and its gross margin reached 22%. This was mainly driven by major projects such as undertaking the largest 128MW fishery and electricity symbiosis project in Taiwan, the largest single-site energy storage project in Taiwan, as well as energy storage projects undertaken by its energy storage subsidiary, TPE Energy Inc.  The company's revenue was further boosted by project revenue from government's sewage treatment projects awarded to its water treatment subsidiary Weisheng Envirotech Co.,Ltd. Project revenue accounted for about 87% of total revenue, and the gross margin performance reached more than 20%, demonstrating the excellent engineering project management capabilities of the management team.

According to the company, the largest fishery and electricity symbiosis site in Taiwan is expected to be completed in the second quarter of this year, further contributing to project revenues. Construction has also started on the two single largest energy storage sites in Taiwan, amounting to a total of 200MW, and is expected to be completed between 2023 and 2024. The total project amount today stands at over NT$7 billion, and revenue will be recognized by the percentage of completion method. The battery cells are expected to arrive in Taiwan in Q2 and will be put into use in successive order. The three energy storage sites invested and developed by J&V Energy this year shall account for 30% of Taiwan's 2025 grid-side energy storage target upon completion.

J&V Energy is also a supplier of green energy and energy integration solutions. It’s electricity sales subsidiary, Greenet, is currently wheeling the photovoltaic electricity generated by J&V Energy to various corporate customers in Taiwan, accumulating over 100MW, and assisting corporate customers to wheel their green power supply, accumulating 800 million kWh to date. Compared to the 1.1 billion kWh of green power wheeled in 2022, Greenet is leading the industry by meeting the demand for green power from various industries while achieving profitability for its parent company, J&V Energy.