Fortescue Metals Delivers Third Highest Earnings in its History
Team Veye | 28-Aug-2024
Fortescue Limited (ASX: FMG), driven by another year of outstanding performance delivered third highest earnings in Fortescue's history. Reporting Net cash flow from operating activities of US$7.9 billion and free cash flow of US$5.1 billion, after accounting for investment of US$2.9 billion in capital expenditure, the strong operating performance, included iron ore shipments of 191.6 million tonnes.
Its Underlying EBITDA of US$10.7 billion was seven per cent higher than FY23, with an Underlying EBITDA margin of 59 per cent. With a Net profit after tax of US$5.7 billion and earnings per share of US$1.85 (A$2.82), its Board declared a fully franked final dividend of A$0.89 per share. The dividends for FY24 totaling to A$1.97 per share represented a 70 per cent payout of net profit after tax.
All this while, the company remained focused on safety with its lowest ever Total Recordable Injury Frequency Rate of 1.3 across its iron ore operations.
FMG achieved some significant milestones, which included first ore from the Flying Fish and Hall Hub deposits as well as the commissioning of its gaseous and liquid hydrogen plant. The hydrogen from this plant to be used for its Green Metal Project, where works were commenced earlier this month.
Source - Company's Report
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