Sunpower Group has landed 55.7 million yuan (S$10.8 million or US$7.83 million) of manufacturing and services contracts from repeat customer Sinopec Group, the Singapore-listed company said in a filing to SGX Wednesday.
Under the contracts, Sunpower will provide high-end environmental protection products and services, with delivery to Sinopec expected to be completed by 2020, the filing said.
The contracts are expected to have a positive impact on Sunpower’s 2019 and 2020 results, the filing said.
Sunpower said Sinopec has been a client for more than 20 years.
“We are pleased to work with Sinopec once again. The contracts affirm the strength of our longstanding partnerships with reputable customers,” Guo Hongxin, executive chairman of Sunpower, said in the statement.
“Our loyal [manufacturing and services] customer base, of which 70 percent are repeat customers, spans a wide and diversified range of industries that include petrochemicals, polysilicon, coal chemicals, oil and gas. This provides a resilient and stable source of business for us and attests to our proven ability to serve industry players,” Guo said.