Shanghai (ZXZC)- Chinese power battery giant CATL announced on April 27 its full-year revenue in 2020 grew 9.9% year on year to 50.319 billion yuan ($7.759 billion).

During the reporting period, the company saw its net profit attributable to shareholders jump 22.43% to 5.583 billion yuan ($860.896 million). After deduction of non-recurring profits and losses, the net profit amounted to 4.264 billion yuan ($657.574 million), still representing a year-over-year growth of 8.93%.

Meanwhile, CATL's net cash flow generated by operating activities in 2020 was 18.429 billion yuan ($2.842 billion). The basic earnings per share of the year stood at 2.4942 yuan.

CATL's booth at the ESIE 21 (the 10th Energy Storage International Conference and Expo); photo credit: CATL

Last year, CATL witnessed its annual sales volume of lithium ion batteries jump 14.36% from a year ago to 46.84GWh. As the main income contributor of CATL, the power battery system unit recorded 44.45GWh (+10.43% YoY) in annual sales, which resulted in 39.426 billion yuan ($6.079 billion) for the revenue.

The company announced its 2020 installed capacity of power batteries reached 31.9GWh, amounting to 50% of China's total volume.

The gross margin in the sales of power battery systems stood at 26.56% in 2020, dropping 1.89 percentage points over the year-ago period. The company attributed the decrease to a combined result from the changes of the unit selling price and the unit cost in procuring raw materials.

It is noteworthy that CATL earned 1.943 billion yuan throughout 2020 by selling energy storage systems, posting an impressive surge of 218.56% from the previous year.