JinkoSolar Holding Co., the third-biggest supplier of photovoltaic panels, said it expects shipments to rise by at least a third in 2016 after sales and profit surged last year.

The Shangrao, China-based company said it expects to deliver 6 gigawatts to 6.5 gigawatts of panels this year, up from 4.5 gigawatts in 2015. Revenue jumped 50 percent to $938 million in the fourth quarter.

The manufacturer is benefiting from a global boom in solar installations and a turnaround in profitability across the industry after years of cost cutting to cope with declining panel prices.

“Global demand remains strong, especially in key solar markets, which gives us good visibility for the entire year and leaves us very confident about our future prospects,” said Kangping Chen, JinkoSolar’s chief executive, in a statement.

Fourth-quarter revenue beat analysts forecasts for sales ranging from $719 million to $790 million.

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