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Highlights
- Iofina PLC (OTC:IOFNF) achieved record iodine production of over 630 metric tonnes in 2024, marking a 13% increase from the previous year.
- Strong demand for iodine and higher prices helped drive positive results, with spot prices rising above $70 per kilogram.
- Plans for new plant expansions are underway, with IO#11 on track for completion by the third quarter of 2025.
Iodine is a vital element used in various industries, including pharmaceuticals, chemicals, and electronics. Companies within the iodine production sector play a crucial role in meeting global demand, which has seen an increase in recent years. Iofina PLC, a key player in this sector, has made notable progress in 2024, demonstrating strong performance and expansion.
Record Production in 2024
Iofina PLC achieved a significant milestone by producing over 630 metric tonnes of iodine in 2024, a 13% increase compared to the previous year. The company’s production capabilities were boosted by the continued operation of its seven IOsorb plants located in Oklahoma. The addition of the IO#10 facility, which reached full production in September, contributed notably to the company’s record output. This increase in production reflects Iofina’s ability to expand operations efficiently and meet growing global demand.
Q4 Performance
The company set another record in the final quarter of 2024, producing 194.1 metric tonnes of crystalline iodine. This was a strong finish to an already impressive year, with the first half of the year yielding over 270 metric tonnes. The company’s second-half performance also exceeded expectations, with production topping 350 metric tonnes. These figures highlight Iofina’s ability to maintain strong production rates throughout the year.
Demand and Pricing Trends
Global demand for iodine remained strong throughout 2024, with prices reaching levels above $70 per kilogram. This increase in spot prices is attributed to the ongoing demand in sectors such as healthcare, industrial applications, and electronics. Despite challenges faced during the year, including delays in shipping certain chemical products, the elevated price environment contributed positively to Iofina's financial performance.
Challenges and Adjustments
Although the company experienced delays in shipping over $2 million worth of chemical products, this did not hinder overall production. The delayed sales were recognized in January 2025, providing a strong start to the new year. As a result, the company revised its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2024, forecasting a figure below previous expectations. However, the recognition of these sales in early 2025 offset this adjustment, positioning the company for growth as the year progresses.
Future Outlook and Expansion Plans
Looking ahead, Iofina has set production goals for the first half of 2025, aiming for between 320 and 355 metric tonnes of iodine. The company expects output to increase as brine temperatures rise, improving efficiency during the warmer months. In addition to ongoing production, Iofina is also focused on expanding its capacity to meet rising demand. The construction of the IO#11 plant is already underway and is expected to be completed by the third quarter of 2025. Plans for an additional plant, IO#12, are also progressing, further emphasizing the company's commitment to expanding its iodine production capacity.
