(Bloomberg) -- Goldwind Science & Technology Co., the world’s biggest wind-turbine manufacturer, reported third-quarter profit growth thanks to lower production costs and China’s rapid buildout of clean energy.
Net income soared to 405.3 million yuan ($56.9 million) for the quarter ended Sept. 30, 43 times more than in the same period last year, the company said in a statement on Friday. Revenue grew 52% on year to 15.6 billion yuan.
China has the world’s largest wind market, with at least 10 major players that keep pushing turbine prices lower. Many are ramping up overseas sales to benefit from their competitive edge, and Goldwind is the top exporter of turbines among its Chinese peers, according to BloombergNEF.
The company’s margins have also benefited from a drop in the cost of steel, a key material for its products, Bloomberg Intelligence said in a note this month.
Goldwind’s success is underpinned by China’s world-leading renewables expansion. The nation installed 39.1 gigawatts of wind power in the first nine months of the year, up from 33.5 gigawatts during the same period in 2023. BNEF expects total additions of 82 gigawatts in 2024.
--With assistance from Foster Wong.
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