FORTESCUE Metals Group has announced its financial results for 2019-20, hailing a “successful execution” of integrated operations and marketing contributing to record revenue, earnings and operating cashflow.
Underlying EBITDA of US$8.4bn was 38% higher than FY19 and the EBITDA margin increased to 65% or US$52 per dry metric tonne (dmt) of ore shipped
- Net profit after tax (NPAT) of US$4.7bn and earnings per share of US$1.54 (A$2.29), increasing by 49% from the prior year;
- Net cashflow from operating activities of US$6.4 billion and free cashflow of US$4.4 billion after investing US$2.0 billion in capital expenditure.
The amount of iron ore shipped was 178.2m tonnes, 6% up on the year before.
Fortescue chief executive, Elizabeth Gaines talked of “record results achieved by the team across all of our key operating and financial measures”.
“Importantly, our company wide response to the global COVID-19 pandemic prioritised the health and wellbeing of our people and communities while maintaining our operations,” Ms Gaines said.
“Leveraging the capability in our value chain resulted in record shipments, sustained low cost performance and excellent operating margins which positioned us to deliver record NPAT of US$4.7 billion.”