The green technology, energy and metals company, Fortescue, has reported a fiscal year 2024 net profit after tax of US $5.7 billion (AUD $8.42 billion). In the year, it achieved an underlying EBITDA of US $10.7 billion, which was 7% higher than FY2023. The year saw a strong operating performance, including iron ore shipments of 191.6 million metric tonnes.

Fortescue Metals Chief Executive Officer, Dino Otranto, said “The team has delivered another year of outstanding performance contributing to the third highest earnings in Fortescue’s history and free cash flow of US $5.1 billion. This was achieved while remaining focused on safety with our lowest ever Total Recordable Injury Frequency Rate of 1.3 across our iron ore operations.

“Reflecting our ongoing commitment to delivering shareholder returns, the Board has declared a fully franked final dividend of AUD $0.89 per share, bringing total dividends declared for FY2024 to $1.97 per share. This represents a 70% payout of net profit after tax,” Mr Otranto added.

Other highlights included:

• Strong balance sheet with cash of US $4.9 billion and net debt of US $0.5 billion at June 30, 2024. Gross debt to last 12 months EBITDA of 0.5 times and gross gearing of 22%.
• Decarbonisation progress included construction of a new solar farm, deployment of electric excavators and the development of battery electric and hydrogen fuel cell haul truck prototypes.
• Total global economic contribution of AUD $27.5 billion in FY2024, including AUD $6.1 billion in corporate taxes and state royalties.

Fortescue Energy Chief Executive Officer, Mark Hutchinson, said “We’re steadfastly committed to the green energy transition and making solid progress towards our goals, while also maintaining the financial discipline that has made Fortescue a success for the past 20 years.”

Fortescue´s expectations for FY2025 include iron ore shipments of 190 – 200 million metric tonnes, including 5 – 9 million metric tonnes from Iron Bridge (100 per cent basis). Fortescue Metals´ capital expenditure is anticipated to fall in the range of US $3.2 – $3.8 billion. Guidance is based on an assumed FY2025 average exchange rate of AUD:USD 0.68.