Pilbara Minerals (PLS:ASX)

Last update - 25 August 2023 By James Woods

A current holding within the ASX Growth portfolio and a leading lithium producer.

Pilbara Minerals, today reported staggering full-year financial results, with a record net profit of A$2.39 billion for the year ending June 30, 2023.

The results mark a quadrupling in profit compared to last year’s A$561.8 million. The Perth-based company, responsible for roughly 8% of global lithium supply, also announced a robust dividend of A$0.14 per share is set to be paid out, signifying a boon for shareholders. Despite results that aligned with expectations, the market is reacting negatively today with shares -7.63% lower compared to a -1% fall in the ASX200. The drop mainly seems to be related to 2024 capex guidance of $875-975 million, more than double some analyst estimates.

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