The Pilbara Minerals Ltd (ASX: PLS) share price is up 4.8% in afternoon trade on Friday. Shares are currently swapping hands for $4.69 apiece.
This comes following a 5.1% gain yesterday for the S&P/ASX 200 Index (ASX: XJO) lithium stock.
Investors are bidding up the Pilbara Mineral share price following some very strong half-year results, released after market close yesterday.
Here's what's drawing investor interest.
Image source: Getty Images
What did the ASX 200 lithium stock report?
Pilbara Minerals reported growth across all the major financial metrics.
The miner's spodumene concentrate production increased 83% from the first half of the 2022 financial year. This helped drive a 305% increase in revenue, which reached $2.2 billion.
Statutory net profit after tax (NPAT) leapt 989% from the prior corresponding half-year to $1.2 billion. The profit for the company's half-year represents earnings per share (EPS) of 41.59 cents.
And the company strengthened its balance sheet to the tune of $1.6 billion, reporting a 31 December cash position of $2.2 billion.
"The stage is set for Pilbara Minerals to take massive growth steps in the months and years ahead. This is just the beginning," a clearly pleased CEO, Dale Henderson said.
On the back of these strong results, and offering tailwinds to the Pilbara Minerals share price today, the board also declared its first-ever dividend of 11 cents per share, fully franked.
Pilbara Minerals shares trade ex-dividend on 2 March. If you own shares before then, you can expect payment on 24 March. At the current share price, the maiden dividend gives the company a trailing yield of 2.4%.
Mineral Resources Ltd (ASX: MIN) is the only ASX 200 lithium stock that pays a higher trailing yield, currently at 2.6%.
Pilbara Minerals share price snapshot
With today's intraday gains factored in the Pilbara Minerals share price – pictured below – is up 79% over the past 12 months.
