Fortescue Metals Declared Robust Results in H1 FY24

SEATTLE (Scrap Monster): Fortescue Metals announced strong financial results during the half-yearly period ending 31^st December, 2023.

The robust performance across the entire supply chain resulted in iron ore shipments of 94.6 Mt in H1 FY24, which is the second highest first half shipment in the company’s history. The jump in realised iron ore price contributed to 21% surge in revenues during the six-month period. The revenues totalled $9.5 billion. The underlying EBITDA of $5.9 million was up by 36% year-on-year. The underlying EBITDA margin too surged higher from 56% to 62%. Also, the NPAT increased considerably by 41% from $2.4 billion in H1 FY23 to $3.3 billion in H1 FY24, said the company press release.

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During the period under review, the company reached an important milestone by exporting two billion tonnes of iron ore from its Pilbara Operations.

The company maintained its exemplary safety record by recording a Total Recordable Injury Frequency Rate (TRIFR) of 1.8 for the entire year 2023. Also, it recorded continued progress on decarbonisation.

On the back of the strong operating and financial performance, the Board declared a fully franked interim dividend of A$1.08 per share.

Mark Hutchinson, Chief Executive Officer, Fortescue Energy stated that the company has a strong pipeline of projects, which in turn will help it to showcase financial discipline in the upcoming years as well.