Home / Metal News / Cobalt & Lithium / Ganfeng Lithium's Net Profit Sky-Rocketed 640% in Q1 amid Soaring Lithium Salt Prices
Ganfeng Lithium's Net Profit Sky-Rocketed 640% in Q1 amid Soaring Lithium Salt Prices
Apr 27, 2022 14:08CST
Source:SMM
SHANGHAI, Apr 27 (SMM) - According to Ganfeng Lithium’s earnings report, the company achieved a total revenue of 5.37 billion yuan in Q1, an increase of 233.91% YoY.

SHANGHAI, Apr 27 (SMM) -  According to Ganfeng Lithium’s earnings report, the company achieved a total revenue of 5.37 billion yuan in Q1, an increase of 233.91% YoY. The net profit attributable to shareholders of the listed company was 3.53 billion yuan, up 640.41% YoY. Regarding the reasons for the company's performance growth, Ganfeng Lithium said that it was mainly due to the increase in the price and sales volume of lithium salt products in Q1.

 According to Ganfeng Lithium's 2021 annual report, the company's annual production capacity of lithium carbonate was 43,000 mt, of which the operating capacity was 28,000 mt, and the capacity utilisation rate was 68.79%; its annual production capacity of lithium hydroxide was 81,000 mt, of which the operating capacity was 70,000 mt, and the capacity utilisation rate was 87.98%; its annual production capacity of lithium metal was 2,150 mt, and the capacity utilisation rate was 96.92%.

The historical price of SMM shows that the prices of lithium salts rose rapidly in the first quarter of 2022, led by lithium carbonate. As of March 31, the average spot price of domestic battery-grade lithium carbonate rose from 278,000 yuan/mt at the beginning of the year to 502,500 yuan/mt, an increase of 80.76%; domestic battery-grade lithium hydroxide prices saw an increase of 120.9%.

Although the prices of lithium carbonate and lithium hydroxide entered a downward channel in April, the company’s future earnings will remain positive due to certain lag in price adjustment and limited decline in lithium salt prices when compared with previous gains.

Spot
SMM

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email michaeljiang@smm.cn

Related news