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SANTIAGO, Chile, March 2, 2022 /PRNewswire/ —
Highlights
- SQM reported net income for the twelve months ended December 31, 2021 of US$585.5 million. Earnings per share totaled US$2.05 for the twelve months of 2021, higher than the US$0.63 reported for the twelve months of 2020.
- Revenues during 2021 were US$2,862.3 million.
- SQM will hold a conference call to discuss these results on Thursday, March 3 at 10:00am ET (12:00pm Chile time).
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Sociedad Química y Minera de Chile SA (SQM) (NYSE:SQMSantiago Stock Exchange: SQM-B, SQM-A)) today reported net income for the twelve months ended December 31, 2021 of US$585.5 million (US$2.05 per ADR), an increase from US$164.5 million (US$0.63 per ADR) reported for the twelve months ended December 31, 2020.
Gross profit reached US$1,090.1 million (38.1% of revenues) for the twelve months ended December 31, 2021higher than US$482.9 million (26.6% of revenues) recorded for the twelve months ended December 31, 2020. Revenues totaled US$2,862.3 million for the twelve months ended December 31, 2021representing an increase of 57.5% compared to US$1,817.2 million reported for the twelve months ended December 31, 2020.
The Company also announced earnings for the fourth quarter of 2021, reporting net income of US$321.6 million (US$1.13 per ADR) compared to US$67.0 million (US$0.25 per ADR) for the fourth quarter of 2020. Gross profit for the fourth quarter of 2021 reached US$542.8 million; approximately 309.6% higher than the US$132.5 million recorded for the fourth quarter of 2020. Revenues for the fourth quarter of 2021 totaled US$1,084.3 million, an increase of approximately 111.0% compared to the fourth quarter of 2020, when revenues amounted to US$513.8 million.
SQM’s Chief Executive Officer, Ricardo Ramosstated: “We are very proud that production goals set for 2021 were achieved, and in some cases even surpassed. As a result, we were able to supply stronger than expected demand growth in the lithium, iodine, potassium chloride and potassium nitrate markets and ultimately benefit from higher market prices. Consequently, our net income in 2021 was over three times higher than net income reported during 2020.”
He continued by saying, “We believe global lithium demand grew approximately 55% during 2021 when compared to 2020, mainly driven by new demand for electric vehicles. We believe electric vehicle demand more than doubled globally last year when compared to 2020 with China representing about 50% of total global electric vehicles sales last year. During 2021, market prices for lithium also grew as supply could not keep up with the strong demand growth.”
“Demand keeps on growing strongly, and we believe that the total demand will reach 1 million tons sooner than previously anticipated. Our current estimates for 2022 demand growth are over 30%. We do not believe that supply will be sufficient to meet this growth ultimately putting pressure on market prices, reaching levels never seen before. We are well positioned to face these opportunities; our capacity expansion to reach 180,000 tons should be completed in the coming months, allowing us to increase our market share in 2022 …
Full story available on Benzinga.com
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