trending Market Intelligence /marketintelligence/en/news-insights/trending/ik9us5onjgrlg1o-w2_qla2 content esgSubNav
In This List

Hanrui Cobalt posts 575% surge in FY'17 net profit

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Hanrui Cobalt posts 575% surge in FY'17 net profit

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.