SANTIAGO, Chile , Aug. 21, 2024 /PRNewswire/ — Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Inventory Change: SQM-B, SQM-A) reported at the moment internet loss ( 1 ) for the six months ended June 30, 2024 , of (US$655.9) million or (US$2.30) per share, in comparison with US$1,330.1 million or US$4.66 per share reported for a similar interval final 12 months.
Gross revenue reached US$752.5 million (31.6% of revenues) for the six months ended June 30, 2024 , decrease than US$1,920.7 million (44.5% of revenues) recorded for the six months ended June 30, 2023 . Revenues totaled US$2,378.1 million for the six months ended June 30, 2024 , representing a lower of 44.9% in comparison with US$4,315.6 million reported for the six months ended June 30, 2023 .
The Firm additionally introduced internet revenue for the second quarter of 2024 of US$213.6 million or US$0.75 per share, a lower of 63.2% in comparison with US$580.2 million or US$2.03 per share for the second quarter of 2023. Gross revenue for the second quarter of 2024 reached US$383.9 million , 55.1% decrease than the US$855.1 million reported for the second quarter of 2023. Revenues totaled US$1,293.6 million for the second quarter of 2024, a lower of 37.0% in comparison with US$2,051.7 million for the second quarter of 2023.
SQM’s Chief Government Officer, Ricardo Ramos , said, “We’re very happy to spotlight that throughout the second quarter, we entered right into a partnership settlement with Codelco to increase our operations within the Salar de Atacama till 2060. Along with Codelco, we’re working to satisfy the remaining circumstances for the partnership to take impact in 2025. Essentially the most pivotal of those is the session course of with the communities surrounding the Salar de Atacama. We’re dedicated to reaching a mutually useful settlement with the Atacameño communities based upon probably the most rigorous requirements, transparency and promotion of the human rights of those communities.”
He continued by saying, “Within the second quarter, we continued to see constructive gross sales volumes development within the lithium, iodine and fertilizer companies. Whereas gross sales volumes within the lithium and iodine companies once more reached report ranges, growing by greater than 20% and 11%, respectively, in comparison with the identical interval final 12 months, gross sales volumes within the fertilizer enterprise confirmed the sturdy demand restoration traits anticipated because the starting of the 12 months, growing by greater than 20% in comparison with the identical interval final 12 months.”
Mr. Ramos additional said, “The sturdy gross sales volumes development within the lithium enterprise within the second quarter was offset by considerably decrease common realized lithium costs, on account of decrease market costs when in comparison with the identical interval final 12 months. We see this pricing pattern persevering with within the second half of this 12 months, with present lithium worth indices in China practically 20% decrease than the typical lithium worth indices within the second quarter of 2024. This pattern may have a unfavourable affect on our realized costs, which replicate the prevailing market worth traits, within the second half of the 12 months. Given present worth ranges, we anticipate that some lithium producers could scale back their output, as many tasks, particularly greenfield, aren’t economically viable at these costs. In our state of affairs, whereas we proceed to advance our beforehand introduced expansions, we’re at the moment reevaluating particular markets and initiatives that could be much less enticing within the close to time period underneath these circumstances.”
Mr. Ramos closed by saying, “In gentle of our confidence within the long-term development of the lithium trade, we launched SQM Worldwide Lithium to deal with creating SQM’s lithium enterprise exterior of Chile . Leveraging our experience in exploration, challenge growth, M&A and innovation, SQM Worldwide Lithium’s goal is to increase the portfolio of lithium belongings we’ve with numerous companions exterior of Chile , permitting us to extend SQM’s manufacturing volumes by no less than 100,000 metric tons of LCE per 12 months by the top of this decade.”
About SQM
SQM is a worldwide firm that’s listed on the New York Inventory Change and the Santiago Inventory Change (NYSE: SQM; Santiago Inventory Change: SQM-B, SQM-A). SQM develops and produces various merchandise for a number of industries important for human progress, resembling well being, vitamin, renewable vitality and know-how by innovation and technological growth. We intention to keep up our main world place within the lithium, potassium nitrate, iodine and thermo-solar salts markets.
For additional data, contact:
Gerardo Illanes / gerardo.illanes@sqm.com
Irina Axenova / irina.axenova@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com
For media inquiries, contact:
Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com
Cautionary Word Relating to Ahead-Wanting Statements
This information launch accommodates “forward-looking statements” throughout the that means of the secure harbor provisions of the U.S. Personal Securities Litigation Reform Act of 1995. Ahead-looking statements could be recognized by phrases resembling: “anticipate,” “plan,” “imagine,” “estimate,” “count on,” “technique,” “ought to,” “will” and comparable references to future intervals. Examples of forward-looking statements embrace, amongst others, statements we make in regards to the completion and implementation of the proposed partnership with Codelco, the event of Salar Futuro Undertaking, Firm’s capital expenditures, financing sources, Sustainable Growth Plan, enterprise and demand outlook, future financial efficiency, anticipated gross sales volumes and gross sales costs, profitability, revenues, bills, or different monetary objects, anticipated value synergies and services or products line development.
Ahead-looking statements are neither historic details nor assurances of future efficiency. As an alternative, they’re estimates that replicate the very best judgment of SQM administration primarily based on at the moment obtainable data. As a result of forward-looking statements relate to the long run, they contain a lot of dangers, uncertainties and different components which are exterior of our management and will trigger precise outcomes to vary materially from these said in such statements, together with our capacity to efficiently implement the Sustainable Growth Plan. Due to this fact, you shouldn’t depend on any of those forward-looking statements. Readers are referred to the paperwork filed by SQM with america Securities and Change Fee, together with the newest annual report on Kind 20-F, which identifies different vital danger components that might trigger precise outcomes to vary from these contained within the forward-looking statements. All forward-looking statements are primarily based on data obtainable to SQM on the date hereof and SQM assumes no obligation to replace such statements, whether or not on account of new data, future developments or in any other case, besides as required by regulation.
(1) Contains the web impact of accounting changes for the funds of the precise tax on mining actions for the exploitation of lithium for the six months ended June 30, 2024 , in a complete quantity of US$1,106.9 million . For extra element, please confer with Word (1) to this Earnings launch.
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SOURCE Sociedad Quimica y Minera de Chile , S.A. (SQM)
