Ganfeng Lithium’s Q1-Q3 2022 net profit projected to soar 478.29%-518.73% YoY

Shanghai (Gasgoo)- Jiangxi Ganfeng Lithium Co., Ltd. ("Ganfeng Lithium"), one of the world's leading producers of battery-grade lithium, announced on Oct. 15 that its net profit attributable to shareholders were estimated to be between 14.3 billion yuan ($1.986 billion) and 15.3 billion yuan ($2.125 billion) for the first three quarters of 2022 (Q1-Q3 2022), soaring 478.29%-518.73% year on year.

Excluding the impact of certain non-recurring gains and losses, the company expects its Q1-Q3 net profit to rocket 831.45%-901.48% from a year earlier to 13.3 billion-14.3 billion yuan ($1.847 billion-$1.986 billion).

Photo credit: Ganfeng Lithium

The basic earnings per share for the first nine months of the year are anticipated to be 7.1 yuan-7.6 yuan ($0.99-1.06), versus the 1.77 yuan ($0.25) for the year-ago level.

As for the quarterly performance, Ganfeng Lithium said its net profit attributable to shareholders was projected to zoom up 567.19%-661.88% from a year earlier to 7.046 billion-8.046 billion yuan ($978.514 million-1.117 billion) in the third quarter of 2022 (Q3 2022).

After deduction of non-recurring profit and loss, the company's Q3 net profit is predicted to be 5.268 billion-6.268 billion yuan ($731.476 million-870.342 million), skyrocketing 788.94%-957.7% over the prior-year period.

Gangfeng Lithium noted the hike in its Q1-Q3 operating performance was mainly attributable to the year-on-year growth in both sales volume and average sales prices of its lithium sales products, which came after the increasing market demands for lithium salts. Moreover, the gradual unleashing of the production capacity at some new lithium ion battery projects also contributed to the net profit surge.