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Tianqi Lithium, one of the largest lithium producers in China, reported that its third-quarter net profit reached 5.654 billion yuan, surging 1,173.35% from a year earlier. Profit excluding non-recurring items surged 4,092.3% in the quarter.
Revenue jumped 580.19% year over year to 10.35 billion yuan.
For the first three quarters of the year, Tianqi Lithium’s net profit reached 15.98 billion yuan, skyrocketing 2,916.4% from the same period last year, with profit excluding non-recurring items soaring 12,338.69%. Revenue for the three quarters reached 24.6 billion yuan, soaring 536.4% from a year earlier.
The surging revenue were driven by rising prices and sales of lithium products and the rising profit was also due to sharp rise in earnings of its jointly operated Chilean mining company SQM, the company said.
Due to the rapid development of the new energy vehicle market and energy storage market, the supply of lithium salt has been in shortage and the average lithium price reached 453,000 yuan per tonne in the first half of the year, surging 454% from a year earlier, according to estimate by Chasing Securities.