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Rio Tinto: 14% increase in net income for the 1st half of the year

July 31, 2024 at 04:20 am EDT

Rio Tinto reports consolidated sales of $26.8 billion for the 1st half of 2024, up 1% year-on-year.

Underlying EBITDA was $12 billion (+3%), while FCF fell by 25% to $2.8 billion.

The mining group posted net income, group share of $5.8 billion (+14%), giving underlying EPS of 354.3 cents (vs. 352.9 cents a year earlier).

Against this backdrop, Rio Tinto CEO Jakob Stausholm sees the company as 'very profitable' and 'growing' thanks to disciplined investment.

' Our global copper equivalent production is on track to grow by around 2% this year, and our ambition is to generate around 3% compound annual growth from 2024 to 2028 from existing operations and projects', adds the executive.

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Jakob Stausholm

Jakob Stausholm is Chief Strategy & Transformation Officer at Maersk Line A. In the past he was Group Chief Financial Officer of ISS An and Group Chief Financial Officer for ISS World Services A (a subsidiary of ISS A), Vice President-Asia Pacific Finance at Shell Plc, Chief Internal Auditor at Royal Dutch Shell Plc and Vice President-Finance at Shell Exploration & Production Co. (a subsidiary of Royal Dutch Shell Plc), Group Chief Financial Officer & Executive Director at A.P. Møller-Mærsk An and Chief Strategy, Finance & Transformation Officer at Maersk A. Jakob Stausholm received a graduate degree from the University of Copenhagen.

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