Coronavirus company news summary – SolarEdge Technologies reports 19% profit fall on last year, REC Silicon reports profit growth

9 November 2020 (Last Updated November 9th, 2020 10:43)

9 November

Isreali solar inverter company SolarEdge Technologies reported a 2% increase in revenue during September quarter, reaching $338.1m. This compares to $331.9m revenue in the second quarter of 2020. However, the company’s revenue dropped by 18% from the corresponding period in 2019. The revenue from solar business reached $312.5m, a 1% growth from the $310.1m recorded in the second quarter. On the other hand, this represented a 19% plunge from $387m recorded in third quarter of 2019.

Norwegian polysilicon gas supplier REC Silicon posted a net profit of $30.7m in 2020's third quarter, compared with the $20.2m loss from the same period in 2019. The company’s third quarter raw eanings (EBITDA) stood at $17.9m, compared with the $5.6m loss it registered during third quarter last year. REC Silicon registered a positive EBITDA during the most recent quarter, despite revenue declining due to lack of income from the solar materials segment, as demand fell and inventory levels rose.

Electricity consumption in Germany dropped last week as the country entered partial lockdown to contain rising coronavirus cases. However, power demand remains above the level of the same point last year. The average power demand in the country last week was 59.83GW, registering a 2% decline from 60.99GW recorded during the previous week. The upkeep of power demand last week despite lockdown is being attributed to temperatures in the country being colder than average.