Nanjing Hanrui Cobalt Co., Ltd. said Feb. 13 that its net profit attributable to shareholders for 2017 surged 575% to 449.4 million Chinese yuan, or 3.91 yuan per share.
Operating revenues jumped 97.2% to 1.46 billion yuan. The company declared a cash dividend of 10 yuan per 10 shares.
The improved profitability was due to continued increases in cobalt prices and higher sales volumes, as the company said it benefited from robust development in the new-energy battery sector.
Cash flow from operating activities rose 95% to 1.39 billion yuan from 710.3 million yuan recorded in 2016. Finance costs dropped to 14.8 million yuan from 23.2 million yuan whereas administration costs jumped to 70.9 million yuan from 46.6 million yuan.
The company said it would continue to strengthen its cobalt supply from the Democratic Republic of the Congo and is constructing an electrolytic cobalt plant with an annual production capacity of 5,000 tonnes in the country.
As of Feb. 12, US$1 was equivalent to 6.33 Chinese yuan.
