Gulf Resources FY2021 revenue surges 95%, gross profit up 217%; net loss narrows 89% to $0.9M

GULF RESOURCES, INC.

Full year 2021 revenue $55.0M (+95% YoY); gross profit $27.9M (+217%); net loss improved to $0.9M from $8.4M.
Bromine segment revenue up 78% on 24% higher volume and 57% price increase; average selling price RMB 42,644.
Q4 2021 net revenue $20.9M (+76.7%), but net loss of $1.1M vs profit of $0.3M a year ago due to $4.1M extra depreciation & $2.7M deferred tax charge.
Cash from operations $23.3M; cash per share $9.15; working capital $101.5M; equity $286.6M.
2022 outlook: high bromine prices expected to continue; one or more closed factories may be re-opened; chemical factory production likely in 2023, cost overrun ~$5M.

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