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Globant Reports 2024 Second Quarter Financial Results

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Growth Outlook Remains Strong, Executing on Profitability

Second quarter revenues of $587.5 million, up 18.1% year-over-yearIFRS Diluted EPS of $0.87 for the second quarter Non-IFRS Adjusted Diluted EPS of $1.51 for the second quarter

LUXEMBOURG, Aug. 15, 2024 /PRNewswire/ — Globant (NYSE: GLOB), a digitally native company focused on reinventing businesses through innovative technology solutions, today announced results for the three and six months ended June 30, 2024.

Please see highlights below. Note that reconciliations between IFRS and Non-IFRS financial measures are disclosed at the end of this press release.

Second Quarter 2024 Financial Highlights

Revenues rose to $587.5 million, representing 18.1% year-over-year growth.IFRS Gross Profit Margin was 35.7% compared to 36.3% in the second quarter of 2023.Non-IFRS Adjusted Gross Profit Margin was 38.1% compared to 38.3% in the second quarter of 2023.IFRS Profit from Operations Margin was 9.2% compared to 9.4% in the second quarter of 2023.Non-IFRS Adjusted Profit from Operations Margin was 15.1% compared to 15.0% in the second quarter of 2023.IFRS Diluted EPS was $0.87 compared to $0.85 in the second quarter of 2023.Non-IFRS Adjusted Diluted EPS was $1.51 compared to $1.36 in the second quarter of 2023.

Six months ended June 30, 2024 Financial Highlights

Revenues rose to $1,158.5 million, representing 19.4% year-over-year growth.IFRS Gross Profit Margin was 35.5% compared to 36.0% in the first six months of 2023.Non-IFRS Adjusted Gross Profit Margin was 38.0% compared to 38.2% in the first six months of 2023.IFRS Profit from Operations Margin was 8.8% compared to 9.4% in the first six months of 2023.Non-IFRS Adjusted Profit from Operations Margin was 15.0% compared to 15.0% in the first six months of 2023.IFRS Diluted EPS was $1.89 compared to $1.70 in the first six months of 2023.Non-IFRS Adjusted Diluted EPS was $3.04 compared to $2.64 in the first six months of 2023.

Other Metrics as of and for the quarter ended June 30, 2024

Cash and cash equivalents and Short-term investments were $180.4 million as of June 30, 2024, a decrease of $142.9 million from $323.3 million as of December 31, 2023, driven mainly by payments of bonuses, investments in our platform business, partial repayment of our credit facility and a number of M&A earnout payments. As of June 30, 2024, we had a total amount of $125 million drawn from our credit facility.Globant completed the second quarter of 2024 with 29,112 Globers, 27,133 of whom were technology, design and innovation professionals.The geographic revenue breakdown for the second quarter of 2024 was as follows: 56.3% from North America (top country: US), 23.0% from Latin America (top country: Argentina), 16.9% from Europe (top country: Spain) and 3.8% from New Markets1 (top country: Saudi Arabia).Globant’s top customer, top five customers and top ten customers for the second quarter of 2024 represented 8.3%, 21.0% and 30.3% of revenues, respectively.During the twelve months ended June 30, 2024, Globant served a total of 958 customers (with revenues over $100,000 in the last twelve months) and continued to increase its wallet share, with 329 accounts generating more than $1 million of annual revenues, compared to 283 for the same period one year ago.In terms of currencies, 67.1% of Globant’s revenues for the second quarter of 2024 were denominated in US dollars.

“As we celebrate our tenth anniversary as a public company, Globant remains steadfast in its commitment to long-term growth and industry leadership. Our recent quarterly results demonstrate robust revenue growth and strong performance across all regions and verticals, particularly in media, sports, and entertainment. Our AI-related revenues have significantly grown by nearly 130% in the first half of 2024, underscoring our pivotal role in the ongoing AI revolution. With the unveiling of our AI agents, which enhance the software development life cycle, and the introduction of the Globant GUT Network at the Cannes Lions International Festival of Creativity, we are poised to meet the growing demands for AI-based solutions across the global economy. Our entrepreneurial and innovative mindset continues to drive us forward, fostering lasting client relationships and delivering exceptional shareholder returns,” said Martín Migoya, Globant’s CEO and co-founder. “As we look ahead, we are optimistic about our record-high pipeline and the transformative potential of generative AI to shape the future of our industry.”

“We are very proud of the results today, which reflect our strong execution. This quarter, we achieved revenues of $587.5 million, up 18.1% year-over-year, driven by a broad-based performance. Our ability to maintain high profitability, despite the challenging economic environment, is a reflection of our operational efficiency. As we look ahead, we are maintaining a strong growth outlook for the remainder of the year. This is supported by our continued expansion across different regions and our investments in broadening our service offering. Additionally, the increase in AI-related revenues is translating into tangible revenue growth for Globant. We remain encouraged by the opportunities ahead for the company, and are committed to delivering industry leading growth and profitability,” explained Juan Urthiague, Globant’s CFO.

2024 Third Quarter and Full Year Outlook

Based on current market conditions, Globant is providing the following estimates for the third quarter and the full year of 2024:

Third quarter 2024 Revenues are estimated to be in the range of $611.0 million to $617.0 million, or 12.1% to 13.2% year-over-year growth.Third quarter 2024 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 15.0% to 16.0%.Third quarter 2024 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $1.60 to $1.64 (assuming an average of 44.4 million diluted shares outstanding during the third quarter).Fiscal year 2024 Revenues are estimated to be in the range of $2,407.0 million to $2,421.0 million, implying a 14.8% to 15.5% year-over-year revenue growth.Fiscal year 2024 Non-IFRS Adjusted Profit from Operations Margin is estimated to be in the range of 15.0% to 15.5%.Fiscal year 2024 Non-IFRS Adjusted Diluted EPS is estimated to be in the range of $6.30 to $6.50 (assuming an average of 44.3 million diluted shares outstanding during 2024).

Conference Call and Webcast
Martin Migoya, Globant’s CEO and co-founder, Juan Urthiague, Globant’s CFO, Patricia Pomies, Globant’s COO, and Diego Tártara, Globant’s  CTO, will discuss the second quarter 2024 results in a video conference call today beginning at 4:30pm ET.

Video conference call access information is:
https://more.globant.com/F2Q24EarningsCall
Webcast http://investors.globant.com/ 

About Globant (NYSE:GLOB)
At Globant, we create the digitally-native products that people love. We bridge the gap between businesses and consumers through technology and creativity, leveraging our expertise in AI. We dare to digitally transform organizations and strive to delight their customers.

We have more than 29,100 employees and we are present in more than 30 countries across 5 continents working for companies like Google, Electronic Arts and Santander, among others.

We were named a Worldwide Leader in CX Improvement by IDC MarketScape report. We were also featured as a business case study at Harvard, MIT and Stanford. We are a member of the Cybersecurity Tech Accord.

For more information, please visit www.globant.com 

Non-IFRS Financial Measures

While the financial figures included in this press release have been computed in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standards 34, “Interim Financial Reporting” nor a financial statement as defined by International Accounting Standards 1 “Presentation of Financial Statements”. The financial information in this press release has not been audited.

Globant provides non-IFRS financial measures in addition to reported IFRS results prepared in accordance with IFRS. Management believes these measures help illustrate underlying trends in the company’s business and uses the non-IFRS financial measures to establish budgets and operational goals, communicated internally and externally, for managing the company’s business and evaluating its performance. The company anticipates that it will continue to report both IFRS and certain non-IFRS financial measures in its financial results, including non-IFRS measures that exclude share-based compensation expense, depreciation and amortization, acquisition-related charges, and the related effect on income taxes of the pre-tax adjustments. Because the company’s non-IFRS financial measures are not calculated according to IFRS, these measures are not comparable to IFRS and may not necessarily be comparable to similarly described non-IFRS measures reported by other companies within the company’s industry. Consequently, Globant’s non-IFRS financial measures should not be evaluated in isolation or supplant comparable IFRS measures, but, rather, should be considered together with its condensed interim consolidated statements of financial position as of June 30, 2024 and December 31, 2023 and its condensed interim consolidated statements of comprehensive income for the three and six months ended June 30, 2024 and 2023, prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”.

Globant is not providing a quantitative reconciliation of forward-looking Non-IFRS Adjusted Profit from Operations Margin or Non-IFRS Adjusted Diluted EPS to the most directly comparable IFRS measure because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items without unreasonable effort. These items include, but are not limited to, share-based compensation expense, acquisition-related charges, and the tax effect of non-IFRS adjustments. These items are uncertain, depend on various factors, and could have a material impact on IFRS reported results for the guidance period.

Forward Looking Statements
In addition to historical information, this release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions. These statements include, but are not limited to, statements regarding our future financial and operating performance, including our outlook and guidance, and our strategies, priorities and business plans. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could impact our actual results include: our ability to maintain current resource utilization rates and productivity levels; our ability to manage attrition and attract and retain highly-skilled IT professionals; our ability to accurately price our client contracts; our ability to achieve our anticipated growth; our ability to effectively manage our rapid growth; our ability to retain our senior management team and other key employees; our ability to continue to innovate and remain at the forefront of emerging technologies and related market trends; our ability to retain our business relationships and client contracts; our ability to manage the impact of global adverse economic conditions; our ability to manage uncertainty concerning the instability in the current economic, political and social environment in Latin America; and other factors discussed under the heading “Risk Factors” in our most recent Form 20-F filed with the U.S. Securities and Exchange Commission and any other risk factors we include in subsequent reports on Form 6-K.

Because of these uncertainties, you should not make any investment decisions based on our estimates and forward-looking statements. Except as required by law, we undertake no obligation to publicly update any forward-looking statements for any reason after the date of this press release whether as a result of new information, future events or otherwise.

Globant S.A.
Condensed Interim Consolidated Statements of Comprehensive Income
(In thousands of U.S. dollars, except per share amounts, unaudited)

Six Months Ended

Three Months Ended

June 30, 2024

June 30, 2023

June 30, 2024

June 30, 2023

Revenues

1,158,539

969,952

587,461

497,531

Cost of revenues

(746,769)

(620,814)

(377,912)

(316,690)

Gross profit

411,770

349,138

209,549

180,841

Selling, general and administrative expenses

(306,699)

(247,533)

(154,585)

(128,176)

Net impairment losses on financial assets

(5,327)

(11,358)

(3,162)

(6,641)

Other operating income and expenses, net

1,961

614

1,961

614

Profit from operations

101,705

90,861

53,763

46,638

46638

Finance income

2,527

2,176

1,402

941

Finance expense

(13,502)

(9,402)

(6,233)

(5,230)

Other financial results, net

5,606

8,429

532

4,667

Financial results, net

(5,369)

1,203

(4,299)

378

Share of results of investment in associates

56

15

70

(41)

Other income and expenses, net

10,606

1,301

595

(186)

Profit before income tax

106,998

93,380

50,129

46,789

Income tax

(23,044)

(20,089)

(10,104)

(9,883)

Net income for the period

83,954

73,291

40,025

36,906

Other comprehensive income, net of income tax effects

Items that may be reclassified subsequently to profit and loss:

– Exchange differences on translating foreign operations

(43,013)

1,252

(24,405)

(1,489)

– Net change in fair value on financial assets measured at FVOCI

1,019

(2,331)

894

(2,356)

– Gains and losses on cash flow hedges

(13,133)

3,879

(4,378)

(327)

Total comprehensive income for the period

28,827

76,091

12,136

32,734

Net income attributable to:

Owners of the Company

83,718

73,412

38,658

36,993

Non-controlling interest

236

(121)

1,367

(87)

Net income for the period

83,954

73,291

40,025

36,906

Total comprehensive income for the period attributable to:

Owners of the Company

30,598

75,027

11,589

32,898

Non-controlling interest

(1,771)

1,064

547

(164)

Total comprehensive income for the period

28,827

76,091

12,136

32,734

Earnings per share

Basic

1.94

1.73

0.89

0.87

Diluted

1.89

1.70

0.87

0.85

Weighted average of outstanding shares (in thousands)

Basic

43,172

42,362

43,244

42,426

Diluted

44,220

43,309

44,292

43,373

 

Globant S.A.
Condensed Interim Consolidated Statements of Financial Position as of June 30, 2024 and December 31, 2023
(In thousands of U.S. dollars, unaudited)

June 30, 2024

December 31, 2023

ASSETS

Current assets

Cash and cash equivalents

157,629

307,223

Investments

22,736

16,070

Trade receivables

578,819

499,283

Other assets

25,312

31,753

Other receivables

64,745

54,786

Other financial assets

4,338

15,418

Total current assets

853,579

924,533

Non-current assets

Investments

2,115

1,833

Other assets

4,973

4,088

Other receivables

26,243

26,475

Deferred tax assets

59,763

60,777

Investment in associates

1,482

1,426

Other financial assets

37,008

34,864

Property and equipment

151,873

162,736

Intangible assets

284,518

285,661

Right-of-use assets

120,676

119,400

Goodwill

1,076,761

1,105,073

Total non-current assets

1,765,412

1,802,333

TOTAL ASSETS

2,618,991

2,726,866

LIABILITIES

Current liabilities

Trade payables

101,251

124,545

Payroll and social security taxes payable

191,950

221,843

Borrowings

125,605

156,916

Other financial liabilities

67,659

68,750

Lease liabilities

31,809

47,852

Tax liabilities

25,797

33,229

Income tax payable

5,565

11,287

Other liabilities

1,611

896

Total current liabilities

551,247

665,318

Non-current liabilities

Trade payables

3,173

2,981

Borrowings

1,777

2,191

Other financial liabilities

91,070

135,238

Lease liabilities

84,205

70,884

Deferred tax liabilities

19,861

21,098

Income tax payable

4,372

Payroll and social security taxes payable

3,470

5,139

Provisions for contingencies

20,718

28,336

Total non-current liabilities

228,646

265,867

TOTAL LIABILITIES

779,893

931,185

Capital and reserves

Issued capital

52,039

51,705

Additional paid-in capital

1,041,459

1,022,918

Other reserves

(95,168)

(42,048)

Retained earnings

780,807

697,089

Total equity attributable to owners of the Company

1,779,137

1,729,664

Non-controlling interests

59,961

66,017

Total equity

1,839,098

1,795,681

TOTAL EQUITY AND LIABILITIES

2,618,991

2,726,866

 

Globant S.A.
Selected Cash Flow Data
(In thousands of U.S. dollars, unaudited)

Three Months Ended

June 30, 2024

June 30, 2023

Net Income for the period

40,025

36,906

Non-cash adjustments, taxes and others

41,788

61,928

Changes in working capital

(71,646)

(62,444)

Cash flows from operating activities

10,167

36,390

Capital expenditures

(38,155)

(27,822)

Cash flows from investing activities

(60,656)

(35,510)

Cash flows from financing activities

(17,514)

(13,256)

Net decrease in cash & cash equivalents

(68,003)

(12,376)

 

Globant S.A.
Supplemental Non-IFRS Financial Information
(In thousands of U.S. dollars, unaudited)

Six Months Ended

Three Months Ended

June 30,
2024

June 30,
2023

June 30,
2024

June 30,
2023

Reconciliation of adjusted gross profit

Gross profit

411,770

349,138

209,549

180,841

Depreciation and amortization expense

15,958

13,033

8,525

6,601

Share-based compensation expense – Equity settled

12,901

8,778

5,759

3,188

Adjusted gross profit

440,629

370,949

223,833

190,630

Adjusted gross profit margin

38.0 %

38.2 %

38.1 %

38.3 %

Reconciliation of selling, general and administrative expenses

Selling, general and administrative expenses

(306,699)

(247,533)

(154,585)

(128,176)

Depreciation and amortization expense

50,507

40,489

25,442

20,710

Share-based compensation expense – Equity settled

26,714

24,995

14,399

13,865

Acquisition-related charges (a)

15,584

9,118

5,986

4,570

Adjusted selling, general and administrative expenses

(213,894)

(172,931)

(108,758)

(89,031)

Adjusted selling, general and administrative expenses as % of revenues

(18.5) %

(17.8) %

(18.5) %

(17.9) %

Reconciliation of adjusted profit from operations

Profit from operations

101,705

90,861

53,763

46,638

Share-based compensation expense – Equity settled

39,615

33,773

20,158

17,053

Acquisition-related charges (a)

32,880

21,142

14,736

10,727

Adjusted profit from operations

174,200

145,776

88,657

74,418

Adjusted profit from operations margin

15.0 %

15.0 %

15.1 %

15.0 %

Reconciliation of net income for the period

Net income for the period

83,718

73,412

38,658

36,993

Share-based compensation expense – Equity settled

39,425

33,749

20,077

17,029

Acquisition-related charges (a)

26,380

20,761

16,440

10,889

Tax effect of non-IFRS adjustments

(15,117)

(13,660)

(8,313)

(6,053)

Adjusted net income

134,406

114,262

66,862

58,858

Adjusted net income margin

11.6 %

11.8 %

11.4 %

11.8 %

Calculation of adjusted diluted EPS

Adjusted net income

134,406

114,262

66,862

58,858

Diluted shares

44,220

43,309

44,292

43,373

Adjusted diluted EPS

3.04

2.64

1.51

1.36

(a)  Acquisition-related charges include, when applicable, amortization of purchased intangible assets included in depreciation and amortization expense line on our consolidated statements of comprehensive income, interest charges on acquisition-related indebtedness, external deal costs, acquisition-related retention bonuses, integration costs, changes in the fair value of contingent consideration liabilities, and other acquisition-related costs. We cannot provide acquisition-related charges on a forward-looking basis without unreasonable effort as such charges may fluctuate based on the timing, size, and complexity of future acquisitions as well as other uncertainty inherent in mergers and acquisitions.

 

Globant S.A.
Schedule of Supplemental Information (unaudited)

Metrics

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q2 2024

Total Employees

25,947

27,505

29,150

28,991

29,112

IT Professionals

24,163

25,575

27,116

26,933

27,133

North America Revenues %

60.6

58.9

57.4

56.0

56.3

Latin America Revenues %

22.0

21.6

22.9

22.9

23.0

Europe Revenues %

13.8

15.9

15.8

17.2

16.9

New Markets Revenues %

3.6

3.6

3.9

3.9

3.8

USD Revenues %

73.9

72.5

68.6

68.4

67.1

Other Currencies Revenues %

26.1

27.5

31.4

31.6

32.9

Top Customer %

8.8

8.7

8.2

8.3

8.3

Top 5 Customers %

23.7

22.5

21.4

21.8

21.0

Top 10 Customers %

33.3

32.2

30.8

30.1

30.3

Customers Served (Last Twelve Months)*

835

889

930

955

958

Customers with >$1M in Revenues (Last Twelve Months)

283

305

311

318

329

(*) Represents customers with more than $100,000 in revenues in the last twelve months.

Investor Relations Contact:
Arturo Langa, Globant
investors@globant.com
+1 (877) 215-5230

Media Contact:
Wanda Weigert, Globant
pr@globant.com
+1 (877) 215-5230

1 Represents Asia, Oceania and the Middle East.

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SOURCE Globant

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TCL 50 PRO NXTPAPER 5G Smartphone Named CES 2025 Innovation Award Honoree

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IRVINE, Calif., Nov. 14, 2024 /PRNewswire/ — TCL, a pioneer in display technology across feature-rich smartphones, tablets, and connected devices, is proud to announce its TCL 50 PRO NXTPAPER 5G smartphone has been honored with a CES 2025 Innovation Award for Mobile Devices. The recognition exemplifies TCL’s commitment to humanize technology and deliver innovative products optimized for the user experience.

This marks the second year in a row TCL has been recognized by the CTA for its mobile products. Last year, the TCL 40 NXTPAPER smartphone was also named a CES 2024 Innovation Award honoree in the Mobile Devices category. Emboldened by the positive feedback and results, TCL is committed to further pushing the boundaries of innovation with even more advanced and humanized technology for all users.

“At TCL, we’re not only keeping our finger on the pulse of the industry; we dig deep into every aspect of the user journey to help inform the devices that we craft,” said Jefferson Li, General Manager of TCL Mobile Phone Business Unit. “Integrating the pioneering NXTPAPER technology with cutting-edge AI capabilities, the TCL 50 PRO NXTPAPER 5G phone represents a significant upgrade in how we experience our digital world, providing users a clearer, more comfortable way to watch, create, and read wherever they go – all at an affordable price.”

The launch of the TCL 50 PRO NXTPAPER 5G at IFA 2024 in September has been a major highlight in TCL’s journey towards excellence this year. Leveraging AI functionalities powered by TCL’s partnership with Microsoft, and the distinct advantages of the latest NXTPAPER technology, the device is tailored to enrich reading and viewing experiences with enhanced productivity and unparalleled eye comfort. Representing a harmonious integration of technology and daily life, it empowers users with the freedom to effortlessly access and enjoy content in any setting.

The CES Innovation Awards program, organized by the Consumer Technology Association (CTA), is an annual competition honoring outstanding design and engineering in a multitude of consumer technology product categories. An elite panel of industry expert judges review and select the highest-scoring submissions based on innovation, engineering and functionality, aesthetics, and design.

The TCL 50 PRO NXTPAPER 5G boasts an exceptionally clear display that can minimize glare and reduce eye strain in any lighting condition, emulating the look and feel of paper that is gentle on the eyes. Adaptive screen settings optimize brightness and automatically adjust color temperature based on the time of day for a comfortable and natural viewing experience. A switch of the NXTPAPER Key instantly activates Max Ink Mode, promoting focused and immersive reading and minimizing eye fatigue. Combined with the Eye Care Assistant, the smartphone accommodates a contemporary digital lifestyle by prioritizing visual comfort. With sleek basalt cover and infinite pool design, it seamlessly blends both form and function.

About TCL Mobile
TCL Mobile specializes in the research, development and manufacturing of smartphones, tablets and connected devices. On a mission to deliver 5G for all, TCL Mobile helps its customers ‘Inspire Greatness’ in their lives through industry leading technology and solutions. For more information on TCL mobile devices, please visit: https://www.tcl.com/global/en/mobile

About TCL
TCL Electronics specializes in the research, development and manufacturing of consumer electronics including TVs, mobile phones, audio devices, smart home products and appliances. Combining thoughtful design and innovative technology to inspire greatness, our lineup delivers must-have features and meaningful experiences. As one of the world’s largest consumer electronics brands, our vertically integrated supply chain, and state-of-the-art display panel factory help TCL deliver innovation for all. For more information, please visit: https://www.tcl.com 

TCL is a registered trademark of TCL Corporation. All other trademarks are the property of their respective owners. 

 

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SOURCE TCL Communication Technology Holdings Ltd.

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Deepak Chem Tech Limited to invest Rs 5000 Crores to acquire Polycarbonate Assets of Trinseo at Germany

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The Board approves Rs 5000 Crore investmentIncludes Greenfield infrastructure capex and Technology LicenseTo manufacture 165000 Metric Tonnes Polycarbonate Resin at DahejDeepak Chem Tech Limited is a wholly owned subsidiary of Deepak Nitrite Ltd.

VADODARA, India, Nov. 15, 2024 /PRNewswire/ — Deepak Chem Tech Limited plans to invest Rs 5000 Crores in Polycarbonate Project. Deepak Chem Tech Limited (DCTL) – a wholly owned subsidiary of Deepak Nitrite Limited, has approved to undertake a project for manufacturing Polycarbonate resins, proposed to be setup at the greenfield site located at Dahej, Gujarat, to produce 165,000 Metric Tonnes. The plant is expected to be commissioned by the fourth quarter of FY 2028. For this, Deepak Chem Tech Ltd. has entered into an agreement with Trinseo to acquire its Polycarbonate assets located at Stade, Germany along with technology license. The agreement also provides access to Trinseo’s globally recognized CALIBRETM resins and trademark.

Polycarbonate is amongst the most versatile emerging polymer finding extensive applications in automotive segments including electric mobility, electronics and electrical, construction, appliances, medical devices and other sunrise sectors such as aerospace, aviation, drones etc.

Commenting on the development, Shri Deepak C Mehta, Chairman and Managing Director of Deepak Nitrite Limited said, “This is historic collaboration between DCTL and Trinseo opens strategic opportunities for both the companies to explore partnerships in downstream compounds as well as complimentary technology tie-ups to service India’s burgeoning appetite for high quality engineering polymers. The tagline ‘Made in India‘ coupled with world scale capacities and formidable brand credibility, opens a new horizon of opportunities in the Advanced Materials front.”

Trinseo is a major manufacturer of engineering polymers and compounds with reported net sales of approximately $3.7 billion in 2023. Its engineering compound portfolio finds application with global, marque brands across industries.

About Deepak Nitrite Limited:

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Global Times: Illuminate roof of ‘Beautiful China’: Solar-powered rooftops transform countryside environments, boost rural revitalization efforts

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BEIJING, Nov. 14, 2024 /PRNewswire/ — The upper part of the Chinese character “home” resembles a roof, symbolizing a home can only exist with a roof over it.

Today, an increasing number of Chinese people are creating environmentally friendly landscapes on the roofs they cherish most, showcasing a tangible “Beautiful China” through their homes.

In early winter, at the foot of the Helan Mountains, the sun still brightly shines over the vast Gobi Desert. When people enter Yuanlong village of Minning town, Northwest China’s Ningxia Hui Autonomous Region, one can find rows of newly constructed agricultural residences with red tiles and white walls lining the road. From above, the blue photovoltaic panels glimmering on each red roof create a colorful mosaic under the sunlight.

Chinese people have aspired to convey their vision of harmony between heaven, earth, and humanity through architecture. Regarding the decision to install photovoltaic panels on the roof of her house, villager Zhang Hui told the Global Times that by installing photovoltaic panels on their roofs, they earn extra money, and the clean energy generated by the panels also gives them a channel to make their contribution to the country’s emissions reduction and energy conservation efforts.

“We want to further emphasize the harmonious coexistence of humanity and nature, embodying a characteristic of Chinese modernization through our roofs,” she said.

In recent years, China’s solar photovoltaic technology is emerging as a key component of China’s strategy to achieve its “dual carbon” goals, which aimed at achieving peak carbon emissions by 2030, and carbon neutrality by 2060. 

The creation of this elevated landscape is a vivid representation of the Chinese people’s efforts in building a “Beautiful China” in all respects. In this revolutionary transformation that involving production methods, lifestyles, and values, countless individuals have keenly perceived that China is keeping pace with the times, making a sound, inclusive ecological environment for the well-being of the people.

Cash in on the sun

For the residents of the village, installing rooftop solar systems and earning money from sunlight has now become a source of joy. “Because when you look up, you can see your own roof, and it reminds you of the abundant harvest you have,” Zhang said.

Since 2016, Yuanlong village has successively built a 5-megawatt rooftop photovoltaic power station, supplied by photovoltaic panels on the roofs of over 1,635 immigrant households, accounting for nearly 96 of the village’s total households. As of March 2024, this initiative had earned a total of 40.22 million yuan ($ 5.5 million) in photovoltaic revenue for the village.

Since 2018, Zhang’s family has been renting the 54-square-meter rooftop to the power company, and the annual rental fee has increased from 300 yuan to 480 yuan as the power station has gradually entered a stable operating phase.

Beyond the tangible rental income, Zhang has also witnessed the thriving changes brought to her village by the rooftop photovoltaic power station program.

In 2020, the photovoltaic power station in Yuanlong village generated 850,000 yuan in revenue for the village collective. A portion of this revenue is distributed to villagers as rental fees, while another part is used as dividends for the village collective’s shares, funding various public welfare expenditures such as environmental sanitation improvements, major illness assistance for villagers, and education support.

The Global Times has learned how the rooftop solar systems program in Yuanlong village was operated: the local government attracts external investment to bid for the construction of a photovoltaic power station, guarantees a 100 percent buyback of the project’s output, ensuring that the village and its residents will receive 100 percent of profits during the 20-year operational period of the power station.

“Turning green, clean energy advantages into economic development advantages is a new concept for us,” said Ha Manpeng, 44, a villager from Yuanlong

Ha and many other villagers learned that the area they live has a high altitude, flat terrain and long sunlight hours, making it suitable for the installing of clean and efficient solar photovoltaic systems

“Simply retrofit the vacant roof, there will be a stable and long-term additional benefit. The manufacturers cooperating with the government will regularly send personnel to maintain, and regularly update the equipment, thus we have nothing to worry about,” Ha said.

Comfort life out of mountains

Zhang jokingly remarked that rooftop solar power generation has allowed the Yuanlong’s villagers to truly transition from a weather-dependent life to “making money from the weather.”

The over 10,000 villagers in Yuanlong were moved from another village – Xihaigu in 2012, which is a largely mountainous region that was labeled the “most unfit place for human settlement” by the United Nations in the 1970s due to land reclamation, drought, and a fragile ecological environment. 

Ha recalled his childhood living in the village hidden in the folds of the mountains, where every household was plunged into darkness at night.

Over the past 40 years, Ningxia launched six large-scale resettlement schemes, moving some 1.23 million people from Xihaigu to more habitable areas. The relocation was part of the poverty alleviation drive, fulfilling many villagers’ desire for a comfortable life out of the mountains.

Having escaped the vicious cycle of ecological and survival crises, what kind of life and development path did the villagers of Xihaigu choose in their new homes?

Yuanlong village is one of the villages that has benefited early from the income generated by photovoltaic power stations. Ha was among the first residents to install solar panels on roof.

Initially, Ha’s personal experience with the five photovoltaic panels installed on his roof was simply that they provided shade on sunny days, and made the roof less prone to leaks on rainy days. As more households in the village adopted the solar rooftops, Ha witnessed a profound improvement in the living conditions of the villagers, along with an increase in their income.

As of November 2020, China had achieved the feat of delisting all 832 poverty-stricken counties. The development of photovoltaic power stations, as a typical model of industrial poverty alleviation, has contributed to this historic achievement.

According to China’s National Energy Administration, by the end of 2020, China had built photovoltaic power stations with a combined capacity of 26.36 million kilowatts,  generating approximately 18 billion yuan in annual electricity revenue, and creating 1.25 million public welfare jobs.

When this clean, low-carbon, safe, and efficient energy enters the homes of ordinary people, it not only provides shelter through new types of rooftops for families, but also supports more Chinese people in achieving a moderately prosperous life. Many residents have come to realize that their choices contribute to the country’s energy conservation and emission reduction efforts.

They want to do even more.

“When I was a child, there was no electricity in my home, but now we can even produce electricity at home. In our village, people prefers to buy new energy vehicles. Waste sorting has become a habit for the villagers,” Ha said.

“When we go out traveling, the children can immediately ‘capture’ solar panels everywhere. They are also very happy to see that more and more villages began to install solar rooftops just like us,” Zhang added. 

Green electricity town

Facing the changes in life, as an official of the Yuanlong village, Zhang’s focus has gradually shifted from the land owned by villagers to the cattle and sheep they raise, and the job opportunities available to them. Now, she is also gradually learning to consider all these key aspects within the context of the new era of development she is in.

Whenever representatives from enterprises and communities visit Yuanlong village, Zhang highlights the embroidery skills of the local women and the solar roofs they have. 

One of Zhang’s proudest achievements this year has been helping to showcase and sell the village women’s embroidered crafts to a power supply company in Fuzhou, East China’s Fujian Province. She is very proud that this “green collaboration” has broken through regional limitations, built more bridges for communication between her village and the outside world, and empowered the development of local women.

With the official launch of the “green electricity town” project in Minning town in August 2023, which aims to create a new type of system demonstration area powered entirely by clean energy 24 hours a day, the project is expected to reduce carbon emissions by 48,000 tons annually once completed.

Zhang believes that the villagers in Yuanlong will have more opportunities to showcase their talents and felt gratified that she is living in a country that pays more attention to protecting the ecological environment.

At a national conference on ecological and environmental protection held in July 2023, Chinese President Xi Jinping has stressed efforts to promote the building of a Beautiful China in all respects and accelerate the advancement of modernization featuring harmony between human and nature.

The next five years is a crucial period for building a Beautiful China, which should be placed in a prominent position in building a great modern socialist country in all respects and advancing national rejuvenation, Xi said.

The country should support high-quality development with a high-quality ecological environment and promote the modernization featuring the harmonious co-existence between human and nature, he noted.

Looking up at her rooftop, Zhang eagerly awaits the completion of the “green electricity town.” She hopes it will build a stronger bridge connecting the common people’s dream of a better life with the country’s plans for emission reduction and energy conservation, leading to a more “Beautiful China.”

https://www.globaltimes.cn/page/202411/1323101.shtml

 

View original content:https://www.prnewswire.com/news-releases/global-times-illuminate-roof-of-beautiful-china-solar-powered-rooftops-transform-countryside-environments-boost-rural-revitalization-efforts-302306546.html

SOURCE Global Times

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