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Iofina PLC (LSE:IOF) reported a strong performance in the first half of 2024, according to chief executive Dr. Tom Becker, who emphasized sustained demand for the company’s iodine products. The firm achieved record revenues of $26.0 million, reflecting a 7% increase compared to the same period last year.
This growth was primarily driven by higher production volumes of crystalline iodine, which totaled 276.1 metric tonnes (MT), marking a 14.3% year-on-year increase. However, a decrease in iodine prices led to a reduction in gross profit, which fell to $5.2 million from $8.3 million in the previous year. Despite this decline in profit, the company’s net cash position improved significantly, reaching $1.1 million by the end of the reporting period.
Dr. Becker noted that the robust performance was achieved despite a 7% decrease in the average realized selling price of iodine compared to the first half of 2023. He highlighted that the company continues to generate strong cash flows, a positive sign of operational health.
Looking forward, the completion of the IO#10 projects are anticipated to increase annual iodine production capacity by an additional 100 to 150 MT. This new plant is expected to contribute to production during the latter months of 2024, with total crystalline iodine production anticipated to range between 355 and 380 MT in the second half of the year.
Additionally, negotiations for the IO#11 projects are progressing well, with an update on an agreement anticipated soon. This ongoing development underscores the company’s commitment to enhancing production capabilities and meeting the growing demand for iodine products in the market.
