SQM Encounters Financial Downturn Amidst Expansion

Sociedad Quimica Y Minera SA (SQM) has released an update.

Sociedad Química y Minera de Chile S.A. (SQM) disclosed a net loss of US$655.9 million for the first half of 2024, a stark contrast to the net income of US$1,330.1 million from the same period last year, with revenues down by 44.9%. Despite this, SQM experienced strong sales volume growth in lithium, iodine, and fertilizer segments and initiated a significant partnership with Codelco, extending operations until 2060. The company expects total capex for 2024 to reach US$1.6 billion, furthering their lithium business expansion through international ventures and new acquisitions.

For further insights into SQM stock, check out TipRanks’ Stock Analysis page.