Shenzhen GEM 2013 Profit Up 7.04% YoY on Growth of E-waste Recycling Business

SHANGHAI, Apr. 22 (SMM) - Shenzhen GEM High-Tech Co.’s net profit increased 7.04% year-on-year in 2013 as its e-waste recycling business grew while cobalt, nickel prices remained in a downturn.

The company made a net profit of 144.12 million yuan ($23 million) last year or 0.19 yuan per share, it told Shenzhen Stock Exchange today.

It disassembled over 2 million old home appliances in 2013, becoming a leading enterprise in the field, Shenzhen GEM said in its full-year report. It also completed construction of a vehicle recycling industrial park in Jiangxi province, where it aims to treat 300,000 tonnes of vehicle and metal scraps a year.

The company sold 3,055.60 tonnes of cobalt and nickel power, an increase of 2.04% year-on-year, 6,798.13 tonnes of cobaltosic oxide, a climb of 88.46% year-on-year, 800.63 tonnes of ternary battery materials, 53.13% more from a year ago and 1,202.04 tonnes of tungsten carbide, 43.17% more from last year.

Shenzhen GEM extracts cobalt, nickel, copper, tungsten and other materials from used-batteries, e-wastes, industrial scraps, and supplies to manufacturers of hard, powder alloys and battery materials.

Being a leader in making nickel-cobalt battery materials, Shenzhen GEM would strive to develop nickel-cobalt-manganese and lithium-ion batteries in 2014 so as to forge the company into a top supplier to new-energy vehicle manufacturers with a complete range of battery products, it said.