Shanghai (ZXZC)- Jiangxi Ganfeng Lithium Co. Ltd. (Ganfeng Lithium), one of the world’s top producers of automotive-grade lithium, announced on Monday its annual net profit attributable to shareholders in 2021 is forecasted to be 4.8 billion yuan ($757.875 million) to 5.5 billion yuan ($868.4 million), soaring 368.45% to 436.76% year on year.

Photo credit: Ganfeng Lithium

Excluding the impact of non-recurring gains and losses, the company expects its full-year net profit to reach 2.9 billion yuan ($457.883 million) to 3.6 billion yuan ($568.406 million), a year-on-year hike of 621% to 795.04%.

Besides, the basic earnings per share in 2021 are likely to be 3.43 yuan ($0.54) to 3.93 yuan ($0.62), versus 0.79 yuan ($0.12) for the previous year.

Ganfeng Lithium stated that the year-on-year growth in its 2021 net profit was thanks to the robust demands of lithium salts amid the rapid development of new energy vehicle (NEV) and energy storage industries. With the demands vigorously growing, the company saw production and sales volumes of lithium salt products keep increasing, while product prices were also climbing. In addition, its production capacity has been gradually ramped up at new manufacturing bases, resulting in the profit growth as well.