BRIEF: CNGR Advanced Material posts strong profit growth in first quarter
CNGR Advanced Material Co. Ltd. (2579.HK; 300919.SZ) said on Wednesday its net profit rose sharply in the first quarter, as it experienced strong demand for its nickel, cobalt, phosphorus, sodium and other battery material products.
The company said it expects to report a profit of 530 million yuan ($77.1 million) to 590 million yuan for the three-month period, up between 72% and 92% from the 308 million yuan it reported in the first quarter of 2024. The company said it sold nearly 130,000 tons of battery materials in the latest period, though it did not provide a year-ago figure. CNGR said it also benefited from high nickel prices.
CNGR’s Hong Kong-listed shares rose 0.4% to close at HK$36.50 on Thursday, while its Shenzhen-listed shares rose 1.4% to close at 51.2 yuan. The Hong Kong shares are up 7.4% from their IPO price of HK$34 last November.
By Doug Young
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