(Yicai Global) March 15 -- China's largest lithium compounds producer Ganfeng Lithium has increased its gains four times in the first two months of this year from a year ago amid soaring battery demand and prices.

Between January and February, net profit jumped 300 percent to CNY1.4 billion (USD220.1 million) from a year earlier, the Jiangxi province-based company said in an earnings report yesterday. Revenue climbed almost four times to CNY3.6 billion.

Performance has been impressive for long. In 2021, Ganfeng's net profit surged five times to CNY5.2 billion from 2020. Revenue more than doubled to CNY11.2 billion (USD1.8 billion).

Production and sales rose in 2021 due to the strong growth in new energy vehicle and battery demand, Ganfeng said. Moreover, prices soared, it added. Ganfeng has been proactive by adding capacity via new projects. It has stakes in 15 high-quality lithium mines around the world.

Lithium carbonate is Ganfeng's most important product. Prices of the battery cathode material have jumped 10 times to CNY512,500 per ton (USD80,346) from early 2021.

Ganfeng's Shenzhen-listed stock price [SHE: 002460] was 1.9 percent up at CNY127.7 (USD20) in the afternoon. Its Hong Kong-listed shares [HKG: 1772] moved 0.8 percent down to HKD89.60 (USD11.50). The shares are trading lower this year amid broader declines in Chinese stocks.

Editor: Emmi Laine, Xiao Yi