China’s Tianqi Lithium expects first-half net profit to skyrocket 110 – 134 times

 

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China’s Tianqi Lithium, one of the world’s largest lithium chemical producers, expects its first-half net profit attributable to shareholders to reach 9.6 – 11.6 billion yuan, skyrocketing 110 – 134 times from the same period last year, the company said on Thursday.

It reported net profit after non-recurring gains and losses of 8.46 – 10.4 billion yuan in the first half, soaring 434 times to 535 times from a year earlier.

In the second quarter, Tianqi’s net profit attributable to shareholders reached 6.3 – 8.3 billion yuan, surging 17.9 times to 23.9 times year-on-year and up 91% to 152% from the first quarter.

It expects net profit after non-recurring gains and losses of 5.6 – 7.5 billion in the second quarter, up 30.5 to 41.1 times year-on-year and up 99% to166% from the first quarter.

Tianqi Lithium attributed the strong performance in the first half to the sharp rises of sales volume and prices of its lithium products.

The company expects operating income to jump sharply in the period compared with a year earlier, benefiting from a global NEV boom, accelerated capacity expansion by lithium-ion battery makers and a rebound in downstream cathode material orders, it said.

Sales volume and average selling price of the company’s major lithium products increased significantly from last year, the company said.