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Fortescue Metals Group (ASX:FMG) - CEO, Elizabeth Gaines. - The Market Herald
CEO, Elizabeth Gaines.
Source: The Australian
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  • Unsurprisingly, Fortescue Metals Group (FMG) has posted record half-year results on the back of a boom in iron ore prices and demand
  • The mining giant reported that its shipments, earnings and operating cashflow surpassed any half year in Fortescue’s history
  • Specifically, FMG's underlying earnings before interest, taxes, depreciation and amortisation hit US$6.6 billion (around A$8.51 billion)
  • The business founded by Andrew 'Twiggy' Forrest also brought in a net profit after tax of US$4.1 billion (roughly A$5.28 billion)
  • FMG's realised price for ore grew 42 per cent year on year by the end of December, to total US$114.02 per dry metric tonne (about A$146.86 per dry metric tonne)
  • Shareholders of Twiggy's mining business will share in the success — with a fully franked interim dividend of $1.47 per share declared
  • FMG's shares are trading up 1.39 per cent at $24.75 each

Unsurprisingly, Fortescue Metals Group (FMG) has posted record half-year results on the back of a boom in iron ore prices and demand over the last year.

The mining giant has released its full half-year report today, revealing that its shipments, earnings and operating cashflow all surpassed any half year result in its history.

Specifically, FMG's underlying earnings before interest, taxes, depreciation and amortisation clocked in at US$6.6 billion (around A$8.51 billion), a 57 per cent increase on the prior period.

Andrew 'Twiggy' Forrest's business also brought in a net profit after tax (NPAT) of US$4.1 billion (roughly A$5.28 billion), an increase of 66 per cent year on year.

FMG's net cashflow from operating activities was US$4.4 billion (about A$5.5 billion) billion, while revenue hit a whopping US$9.3 billion (around A$11.97 billion) over the period — an increase of 44 per cent year on year.

The record half-year results come as Fortescue's realised price for ore grew 42 per cent year on year to total US$114.02 per dry metric tonne (about A$146.86 per dry metric tonne) at the end of December.

Commenting on the stellar results, FMG CEO Elizabeth Gaines said the company's operating performance has gone from strength to strength.

"Fortescue’s performance for the first half of FY21 has been outstanding, and we are very proud of the whole team who have delivered our best half-year operating and financial results since the company was established," she said.

Shareholders of Twiggy's mining business will share in the half-year success — with the company announcing a fully franked interim dividend of $1.47 per share.

That represents a 93 per cent increase on the FY20 interim dividend as well as an 80 per cent payout of the company's first-half NPAT for FY21.

Following today's results, FMG's shares are trading up 1.39 per cent at $24.75 each at 12:08 pm AEDT.

FMG by the numbers
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