AT A GLANCE: Ganfeng Lithium profits surge in Q3 on increasing lithium sales

A summary of Chinese lithium producer Ganfeng Lithium’s financial results for the third quarter of 2020, published on Friday October 30.

In brief
  • The company attributed the surge in profits and revenue in the third quarter to increased lithium sales. It did not release sales volumes for the period.
  • Pilbara Minerals shares held by the company rose in the third quarter, generating a higher pay-back from investment, and together with some government subsidies obtained, also boosted profits.
  • The company’s net profits and revenue in January-September 2020 were largely level year on year due to falling lithium prices, offset by higher sales volumes.
  • The company estimates whole year net profits in 2020 to reach 400-500 million yuan ($59.5-74.5 million), up 11.7-39.6% year on year supported by increasing lithium sales. The company also expects their lithium-ion battery sector to boost whole-year performance.
Q3 2020 results
(Year-on-year % change)

Profit attributable to shareholders
173.99 million yuan, up 421.3% from 33.38 million yuan

Revenue
1.51 billion yuan, up 8.5% from 1.39 billion yuan

January-September 2020 results
(Year-on-year % change)

Profit attributable to shareholders
330 million yuan, up 0.4% from 329.17 million yuan

Revenue
3.89 billion yuan, down 7.5% from 4.21 million yuan

Carrie Shi

Carrie.shi@fastmarkets.com

Published

Carrie Shi

October 30, 2020

10:56 GMT

Beijing