Orocobre Ltd. Milton Qld OROCF

FY23 full year results deliver record profit of US$524.6 M

[Betteryear2]

BRISBANE, Australia, Aug. 21, 2023 (GLOBE NEWSWIRE) -- Allkem Limited (ASX|TSX: AKE, “Allkem” or the “Company”) provides financial results for the Allkem Group (the Group) for the year ended 30 June 2023.

HIGHLIGHTS

• Record annual group revenue of US$1,207.8 million achieved, a ~1.6x increase year on year (“YoY”)
• Excellent operating performance and highly supportive market conditions generated group gross profit of US$1,065.8 million with group EBITDAIX of US$909.8 million and consolidated net profit after tax from continuing operations of US$524.6 million
• The Olaroz Lithium Facility2 achieved record annual production of 16,703 tonnes, ~30% higher YoY and from the prior record in FY22
• Record revenue at Olaroz increased 102% to total US$592.2 million on sales of 13,186 tonnes of lithium carbonate including US$12.3 million of revenue generated from by-product sales
• Average realised pricing for lithium carbonate almost doubled YoY to US$43,981/t FOB3. The gross cash margin of 89% remains robust
• Mt Cattlin produced 130,984 dry metric tonnes (“dmt”) of spodumene concentrate with significant operational improvements made by year end
• Record revenue at Mt Cattlin of US$615.6 million, a 36% YoY increase which includes US$513.7 million generated from spodumene sales of 105,291 dmt and US$99.7 million revenue generated from low-grade sales
• Average price for spodumene increased by ~2.2x YoY to US$4,879/ tonne CIF. Gross cash margin of 78% was similar to FY22
• Strong cash generation and existing net cash balance4 of US$648.4m is expected to fully fund committed projects

FY23 full year results deliver record profit of US$524.6 (globenewswire.com)