Pilbara Minerals full year profit accelerates

Hello Readers here you will read Pilbara Minerals full year profit accelerates to $2.4b. It is the Australian lithium share. You will read the performance of Pilbara Minerals in the year.

Pilbara Minerals full year profit accelerates :-

Fast-growing On the back of soaring global demand for minerals used in batteries and electric vehicles, Pilbara Minerals achieved record production and sales in FY23.

In comparison to the group’s inaugural profit of $561.8 million a year prior, Australia’s top lithium producer announced a 326 percent increase in net profit to $2.4 billion on Friday.


According to CEO Dale Henderson, “Pilbara Minerals has had an exceptional year in FY23 on all fronts.”

“With continued adoption of EVs and battery storage,” he said, “the long-term outlook for battery-grade lithium raw materials remains very positive.”

Pilbara also reported a 35% increase in ore reserves to 214 million metric tons, which prompted a further study to look into potential future increases in production capacity.

The miner now has a total of $3.5 billion in cash available for expansion after a rise in cash of $2.7 billion to $3.3 billion on the balance sheet.

Mr. Henderson stated that as worldwide demand outpaces supply, an increasing deficit in the essential battery mineral is anticipated.

But after a significant decline in price during the previous quarter, he projected more volatility in prices in the near future.

“Strong margins continued to be realized despite this pullback,” he said.

Combined revenue increased 242 per.

Spodumene concentrate production was expected to be between 660 and 690 thousand metric tons in FY24. Pilbara declared a fully franked final dividend of 14 cents per share for a total payout of 25 cents per share following the delivery of an inaugural dividend six months early in February.

Pilbara Minerals Share Price forecast 2025

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