Skip to main content

How Australia’s biggest pure iron ore company reported | Fortescue (ASX:FMG) Reporting Results

Jessica Amir
February 18, 2021

Australia’s biggest pure iron ore company Fortescue (ASX:FMG) reported stronger than expected financial results.

FMG’s attributable net profit after tax rose 66% in the 6-months to 31 December 2020 to US$4.08 billion, ahead of what the market expected, US$3.6 billion.

FMG will pay a half-year dividend of $1.47 per share. That’s a 93% jump on same time last year – and means the business is paying out 80% of its net profits.

FMG goes ex-div on 1 March 2021, so if you buy their shares before then, you’ll get the dividend.

It’s also good to know the business has net cash flow of US$4.4 billion and free cash flow of US$2.5 billion. That’s after paying $1.9 billion in expenses.

FMG shares rose 1% after the result and they’re 6% away from their all-time high of $26.40.FMG is Buy stock for Macquarie, UBS and Credit Suisse. While, Citi has FMG as a hold.

Morning Bell 26 November

Bell Direct
November 26, 2024

Morning Bell 25 November

Bell Direct
November 25, 2024

From the helm: Bega Cheese

Grady Wulff
November 22, 2024

Morning Bell 21 November

Bell Direct
November 21, 2024

Morning Bell 20 November

Bell Direct
November 20, 2024

Morning Bell 19 November

Bell Direct
November 19, 2024

Morning Bell 18 November

Bell Direct
November 18, 2024

Weekly Wrap 15 November

Bell Direct
November 15, 2024

Morning Bell 14 November

Bell Direct
November 14, 2024

Morning Bell 13 November

Bell Direct
November 13, 2024

Morning Bell 12 November

Bell Direct
November 12, 2024

Morning Bell 11 November

Bell Direct
November 11, 2024