Gulf Resources projects Q3 bromine/crude salt revenue up 12-23%, profit up 20-37% YoY; full year profit up 64-76%

GULF RESOURCES, INC.

Q3 2022 revenue $20.0-21.8M (12.4-22.5% YoY increase); profit before tax $9.0-10.3M (20.0-37.3% increase).
FY 2022 revenue $62.0-63.7M (12.7-15.8% YoY increase); profit before tax $20.0-21.5M (63.9-76.2% increase).
2023 outlook anticipates further growth aided by new factory #8 (+20% capacity), earlier Chinese New Year, and fewer COVID closures.
Risks: potential government-ordered closures from mid-Dec 2022, soft Chinese economy, COVID/drought impacts, RMB/USD=6.8065 assumption.

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