Chinese battery maker Narada Power has posted a 30% sales rise for 2017— which boosted net by profit by 16% over the previous year.
Narada said total revenue for the year was CNY8.63 billion ($1.37bn) and net profit increased to CNY381m.
The batteries business contributed CNY5.17bn to revenue. The growth of stationary power, energy storage power & systems and motive power & systems was 10.38%, 9.59% and 33.27% respectively, the company said.
And Narada said it is “improving the industrial chain” by stepping up its lead recovery capacity— which generated revenue of CNY3.37bn through the recycling of some 210,000 tons of lead annually.
Last November, Narada’s board gave the green light for plans to launch a commercial lithium-ion batteries and “new energy materials” recycling subsidiary.
The move followed the firm’s successful development of a closed-loop industry chain for lead-acid batteries.
Earlier this year, Narada won a contract worth more than $40m to supply lithium iron phosphate (LFP) battery systems to a telecoms operator in Bangladesh.