Albermarle Corp, currently the world’s largest producer of lithium and lithium derivatives, has released profit information showing an increase of almost 300% as compared to 2017. The increase has largely been driven by a surge in the price of lithium, one of the most sought after minerals used in electric vehicle battery manufacture.
The company displayed a second-quarter net income of $302.5 million, as compared to $103 million for the same period last year.
The company attribute their strong financial position to high quality reserves and optimal vertical structure.
“We control a diverse and high quality network of natural resources that are geographically situated in low-risk environments with good infrastructure. The scale of our operations promotes attractive economies of scale, and we maintain the strongest vertical position in the industry, from raw material extraction to specialty product manufacturing. We enjoy a deep and broad process technology expertise that has grown in scale with our recent acquisitions”
Albermarle have raised their revenue forecast to $3.3 – $3.5 billion, an increase of 7% from 2017.