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 gross revenue in 2021 surged 102.07% year on year to roughly 11.162 billion yuan ($1.755 billion).

Photo credit: Ganfeng Lithium

For the year of 2021, the company saw its annual net profit attributable to shareholders rocket 405.03% from a year earlier to about 5.175 billion yuan ($813.756 million). Excluding the impact of certain non-recurring gains and losses, the yearly net profit still precipitously rose 598.91% to around 2.811 billion yuan ($442.057 million).

In addition, the company's basic earnings per share stood at 3.66 yuan ($0.58) in 2021, versus 0.79 yuan ($0.12) from the previous year.

Ganfeng Lithium stated that the year-on-year growth in its 2021 revenue and net profit was thanks to the robust demands of lithium products amongst 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.

Moreover, its production capacity was gradually ramping up at new manufacturing bases, resulting in profit growth as well.

The third contributing factor was the income increase resulting from the change in the fair value of such financial assets as the stake Ganfeng Lithium holds in Pilbara Minerals Limited.