Shanghai (ZXZC)- Jiangxi Ganfeng Lithium Co., Ltd. ("Ganfeng Lithium"), one of the world's leading producers of battery-grade lithium, announced on Monday it was expected to score a year-on-year hike of 244.27%-320.78% in its 2022 annual net profit attributable to shareholders.

According to the company's announcement, Ganfeng Lithium's net profit belonging to shareholders is estimated to be 18 billion yuan-22 billion ($2.666 billion-$3.258 billion) in 2022, versus the net profit of 5.228 billion yuan ($774.338 million) recorded in 2021.

Photo credit: Ganfeng Lithium

Excluding the impact of certain non-recurring gains and losses, the company's full-year net profit is anticipated to rocket 498.54%-636.14% year on year to 17.4 billion yuan-21.4 billion yuan ($2.577 billion-$3.169 billion) last year.

The company projected basic earnings per share amounting to 8.93 yuan-10.92 yuan ($1.32-$1.62) for the year of 2022, rising from the 3.73 yuan ($0.55) for the year-ago period.

During the reporting period (the year of 2022), thanks to the rapid development of the global new energy vehicle (NEV) industry, the demands for lithium salts from downstream customers grew strongly and the sales price of the company's lithium salt products increased substantially compared with the corresponding period of 2021, said Ganfeng Lithium. Coupled with the continued growth of the market for power battery and energy storage industries, the production and sales volume of the lithium batteries increased significantly, hence the company's operating results increased year-on-year.