Albemarle's Net Profit in Q4 2022 Soared as its Lithium Metal Sales Increased Fivefold

SHANGHAI, Feb 21 (SMM) - According to data recently released by Albemarle, the world's largest lithium producer, the company's profits in the fourth quarter of 2022 were better than expected thanks to a fivefold increase in the sales of its lithium metal for batteries.

It is showed that Albemarle's net profit attributable to shareholders of the listed company during the fourth quarter was $1.13 billion, compared with a loss of $3.8 million for the same period in 2021.

Albemarle is reported to have increased its lithium metal prices by more than 300% during the final quarter of last year, yet the company's profits still beat the expectations, which also reflects that lithium is a sought-after material among car manufacturers.

Albemarle remains bullish on lithium prices for 2023, expecting lithium prices to rise by at least another 55% this year.