16th Jan 2020 14:09
(Alliance News) - Iofina PLC said Thursday it produced a record volume of crystalline iodine in 2019 and continue to increase profitability.
In a trading update for 2019, the iodine maker said it achieved "a record year" of crystalline iodine production of 602.7 metric tones, a 2.3% increase on 588.8 metric tones produced a year before.
"As a result of the increase in output, combined with rising iodine prices and strong sales from Iofina Chemical's non-iodine products, 2019 was a strong year for the group," the company said.
The company said it is confident in the potential of the new business entity IofinaEX, which was acquired in the third quarter of 2019. IofinaEX is exploring the isolation of specialty chemical products from hemp, a rapidly expanding market, the company noted.
Iofina also said the construction of new production facility IO 8 in Oklahoma is progressing well, and it is expected to be brought online in April or May.
Looking ahead to 2020, the company expects iodine production will continue to grow, with 315 to 345 metric tonnes of crystalline iodine expected to be produced in the first half of 2020.
The company expects production levels to increase further in the second half, due to the better weather and the new production facility IO 8.
The company said iodine prices rose over 20% in 2019, and it believes that prices will continue to increase in 2020, "coinciding with the group's expansion with the addition of new iodine plants".
President & Chief Executive Officer Tom Becker said: "I am delighted to report the group's exceptional performance in 2019, in which we achieved record iodine production whilst also executing on our expansion at the right time, when iodine prices are continuing to build momentum."
Iofina shares were down 1.7% in London at 26.00 pence each on Thursday.
By Loreta Juodagalvyte; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Iofina