Majestic Corporation, the specialist in battery materials, e-waste, and renewable energy waste recycling, has announced surging revenues and profits for the first half of the year.
Revenues for the first half of 2024 surged 92% to $25m as the company pursued global expansion of its circular economy solutions. Profit before tax for the period rose $1.2m.
“I am delighted to report an outstanding set of interim results which has seen revenue growth of 92%, profit before tax growth of 41% and earnings per share growth of 40%, compared to the 6 months to 30 June 2023. Growth was driven largely from the performance of the UK market, our battery materials and solar recycling operations,” said Peter Lai, Chairman, CEO and Founder of Majestic.
“As industries continue to prioritise sustainability and seek to secure control over critical resources, Majestic’s expertise in precious and industrial metals gives us a clear advantage.
“Whilst growth in the second half will not be of the same magnitude, the combination of our strategic agility and market insight ensures Majestic’s sustained growth and long-term success.”
Investors will be encouraged to hear that the company plans further expansion after acquiring one of its UK affiliates.
The company has enjoyed success in the UK, and it will remain a key focus for growth in the near future. However, Majestic touched on affiliates globally that could be targets for the next phase of growth for their recycling empire. South East Asia was named specifically as an area they have been ‘laying the foundation for sustainable growth’.
Circular Economy & Outlook
As a circular economy solution provider, Majestic Corporation sources, sorts and processes e-waste and renewable energy waste containing critical minerals such as copper, gold, lithium and PGMs.
The company said the board ‘remains cautiously optimistic’ about its outlook as it continues its plans to enhance margins and grow the top line.
With demand for these metals soaring amid the green transition and mining activities becoming increasingly expensive, the board’s optimism is more than justified with abundant commercial opportunity to return critical minerals back to the supply chain.