In 2021, Ganfeng Lithium’s net profit increased by 405% year on year

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Shanghai (Gazgu) – Jiangxi Ganfeng Lithium Co. Ltd. (Ganfeng Lithium), one of the world’s leading manufacturers of lithium automotive grade, announced on Monday that its annual gross revenue in 2021 rose 102.07% year on year to about 11.162 billion yuan ($ 1.755 billion).

Photo: Ganfeng Lithium

In 2021, its annual net income attributable to shareholders increased 405.03% year-on-year to about 5.175 billion yuan ($ 813.756 million). Excluding the impact of some one-time gains and losses, annual net income continued to grow rapidly by 598.91% to about 2.811 billion yuan ($ 442.057 million).

In addition, the company’s base earnings per share were 3.66 yuan ($ 0.58) in 2021 against 0.79 yuan ($ 0.12) in the previous year.

Ganfeng Lithium said that revenue growth and net income in 2021 on an annualized basis was due to high demand for lithium products among the rapid development of new energy vehicles (NEVs) and the energy storage industry. Due to the intensive growth of demand, the production and sales of lithium salt continued to grow, and product prices also rose.

Moreover, its production capacity was gradually increased on new production bases, which led to increased profits.

A third contributing factor was the increase in income as a result of changes in the fair value of financial assets such as Ganfeng Lithium’s stake in Pilbara Minerals Limited.

In 2021, Ganfeng Lithium’s net profit increased by 405% year on year

Source link In 2021, Ganfeng Lithium’s net profit increased by 405% year on year