Uncategorized
Fortescue delivers record operational performance
Off the heels of announcing its new chief executive officer (CEO), Fortescue has achieved an underlying net profit after tax …
Australian Mining.
Off the heels of announcing its new chief executive officer (CEO), Fortescue has achieved an underlying net profit after tax (NPAT) of $US5.5 billion ($8.5 billion) in the 2023 financial year (FY23).
Other financial highlights from the major miner’s FY23 report includes recording fully franked total dividends of $1.75 per share and delivering underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $US10 billion ($15.5 billion), with an underlying EBITDA margin of 59 per cent.
Operational highlights from the report includes achieving a total recordable injury frequency rate (TRIFR) of 1.8, delivering record iron ore shipments of 192 million tonnes which were achieved at the top end of market guidance, resulting in the third highest earnings in Fortescue’s 20 year history.
“The team has delivered a fourth consecutive year of record operational performance for FY23, contributing to underlying net profit after tax of $US5.5 billion and free cash flow of $US4.3 billion ($6.6 billion),” newly elected Fortescue CEO Dino Otranto said.
“Fortescue celebrated a number of significant milestones during the financial year including first production at our Iron Bridge magnetite project, and first ore mined from the Belinga iron ore project in Gabon as part of the early stage mine development.”
The company’s operating segments also realigned to Fortescue Metals and Fortescue Energy, to reflect the strategic objectives and operations of each segment.
Under this change, Fortescue Energy is now made up of Fortescue Future Industries, Fortescue WAE and Fortescue Hydrogen Systems.
Fortescue Energy CEO Mark Hutchinson said the company has maintained momentum in its journey to decarbonise its Australian iron ore operations through the arrival of its battery electric haul truck prototype to site in the Pilbara region for testing, as well as a retrofitted locomotive engine to run dual fuel with ammonia.
“As Fortescue celebrates its 20th anniversary, we are moving to one brand to represent our global metals and green energy company. Through operational excellence, our disciplined approach to capital allocation and ongoing investment in metals, green energy and green technologies, we are well positioned to continue to deliver benefits to all of our stakeholders,” Hutchinson said.
