BHP Group Half-Yearly Profits Recorded Notable Surge

SEATTLE (Scrap Monster):  BHP Group announced results for half year ended 31^st December, 2021.

The profit from continuing operations surged higher by 57% to $14.8 billion. The company reported underlying EBITDA of $18.5 billion at a margin of 64%. BHP Group witnessed net operating cash flow of $11.5 billion and free cash flow of $8.5 billion for continuing operations, mainly driven by reliable operational performance and higher realized prices across its major commodities. The capital and exploration expenditure for the period stood at $2.9 billion.

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BHP revised its net debt target range to between US$5 and US$15 billion and decided to pay a record interim dividend of US$1.50 per share.

The company reported its third consecutive fatality free year. The ongoing focus on safety and health helped it to mitigate the impacts of the pandemic and deliver continued strong operational performance.

Mike Henry, Chief Executive Officer, BHP Group noted that the company delivered solid operational performance, especially from its flagship Western Australian iron ore business. The strong progress on the execution of its strategy makes the company well positioned for the future. It will continue to build on its strong foundations and capital discipline to reshape its business, he added.