SANTIAGO, Chile, Feb. 24 /PRNewswire-FirstCall/ -- Sociedad Quimica y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the year 2008 of US$501.4 million (US$1.91 per ADR), an increase of 179% over the 2007 figure of US$180.0 million (US$0.68 per ADR). Operating income reached US$632.2 million (35.6% of revenues), 144% higher than the US$259.5 million (21.9% of revenues) recorded the previous year. Revenues for 2008 totaled US$1,774.1 million, representing growth of 49.4% over the US$1,187.5 million reported in 2007.

The Company also announced year-over-year earnings growth of 170% for the fourth quarter of 2008, reporting quarterly net income of US$120.3 million (US$0.46 per ADR) compared to the 2007 figure of US$44.6 million (US$0.17 per ADR). Operating income for the fourth quarter reached US$150.8 million, 151% higher than the US$60.1 million recorded for the same period of 2007. Revenues totaled US$397.9 million, an increase of approximately 29.9% with respect to the fourth quarter of 2007, when revenues amounted to US$306.2 million.

'SQM is pleased to announce yet another record year of growth in our financial results in spite of global economic uncertainty. Since 2000, our consolidated revenues have grown at a CAGR of 20% while our bottom line has expanded at a CAGR of 50% due in large part to our strategic position in our core markets and our continued commitment to efficiency,' commented Patricio Contesse, the Company's Chief Executive Officer. He added, 'In general, SQM benefited substantially this year from favorable pricing conditions in Specialty Plant Nutrition and from higher sales volumes in Iodine and Derivatives. Looking forward, the unprecedented turmoil in global markets seen during the last part of the year will likely pose new challenges for the Company in 2009. We believe, however, that the underlying fundamentals in our core business lines remain solid and will allow us to face potential challenges.'

For the complete version of this press release, please visit our Web site: www.sqm.com.

SQM is an integrated producer and distributor of specialty plant nutrients, iodine and lithium. Its products are based on the development of high quality natural resources that allow the Company to be leader in costs, supported by a specialized international network with sales in over 100 countries. SQM's development strategy aims to maintain and strengthen the Company's world leadership in its three core businesses: Specialty Plant Nutrition, Iodine and Lithium.

Statements in this press release concerning the Company's business outlook, future economic performances, anticipated profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth, together with other statements that are not historical facts, are 'forward-looking statements' as that term is defined under Federal Securities Laws.

Any forward-looking statements are estimates, reflecting the best judgment of SQM based on currently available information and involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Risks, uncertainties, and factors that could affect the accuracy of such forward-looking statements, are identified in the public filing made with the Securities and Exchange Commission, and forward-looking statements should be considered in light of those factors.

SOURCE SQM