Fortescue posts record annual profit, dividend

The world’s fourth-largest iron ore miner posted an underlying net profit of US$10.35bil (RM43.2bil), up from US$4.75bil (RM19.8bil) a year ago, just below a forecast compiled by Vuma of US$10.41bil (RM43.5bil).

BENGALURU: Fortescue Metals Group Ltd reported its highest ever annual profit and dividend yesterday, after the Australian iron ore miner shipped a record amount of the steelmaking material to take advantage of soaring prices.

Fortescue followed rivals BHP Group and Rio Tinto in reporting record profits and paying bumper dividends after a strong year for prices on the back of resilient demand from China, the top consumer, and supply issues in Brazil.