Fortescue recently announced a significant 41% increase in its first-half net profit, attributing this growth to a surge in the price of iron ore. The company reported a net profit of US$3.34 billion for the six months ending in December, markedly higher than the US$2.37 billion recorded in the previous year.
Payout to Shareholders
Reflecting its improved financial performance, Fortescue has raised its midyear payout to shareholders. An interim dividend of 1.08 Australian dollars (US$0.71) per share was declared, marking an increase from the 75 Australian cents paid out in the same period last year.
Boost in Earnings
The underlying Ebitda of the company also experienced a notable surge, rising by 36% to reach US$5.91 billion. Fortescue attributes this growth to the higher prices it has been able to command for its iron ore, a key component in steel production. The average price per metric ton for the half-year period was approximately US$108, compared to around US$87 in the previous year.
Fortescue's strong performance is indicative of the positive trends in the iron ore market and underscores its position as one of the world's leading producers in the industry.
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