Monocrystal, a major manufacturer in synthetic sapphire growing and processing, today announced its results for the full year ended December 31, 2016.
Monocrystal’s shipments into sapphire segment grew by 18% year-on-year. This translated into a dominant market share of 33% on sapphire for LED market.
The 2016 sapphire revenues stand at $56.8 million, which is an 18% decline compared to the year 2015 due to significant sales price drops. The average sales prices throughout the year 2016 declined by 23% for wafers for LED and by 38% for sapphire ingots.
Monocrystal has secured several long-term orders totaling $21 million and become a serial supplier of polished wafers for three tier 1 Asian customers.
Full year revenues from PV pastes operations totaled $21.2 million, a 5% increase on an annual basis, as a result of higher order amounts from customers. Consolidated shipment volume reached 2105 tons, which is a record number for this business unit. Monocrystal was successfully qualified at 3 out of top 10 solar cell makers and started serial shipments to them.
“2016 was another year of rapid growth for our share of the global market for sapphire components for electronic applications. For the first time in our history we have exceeded the 30% market share milestone, while providing our customers with the highest level of quality and demonstrating the fastest cost reduction rates in the industry," Monocrystal’s CEO Oleg Kachalov commented.
"One of the key factors in achieving this result was the increased percentage of large diameter crystals in our production, which allowed us to cut down our manufacturing costs by more than 20%,” Kachalov said.