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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Fortescue Metals Group Limited    FMG   AU000000FMG4

FORTESCUE METALS GROUP LIMITED

(FMG)
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Fortescue Metals : Australia's Fortescue posts record profit as chairman gains $800 mln

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08/23/2020 | 08:17pm EDT

* Fortescue pays $1 final dividend

* Share prices up more than 70% this year

* Net profit jumped 49% to $4.74 bln from $3.19 bln

MELBOURNE, Aug 24 (Reuters) - Fortescue Metals Group reported on Monday record profit for the full year ending in June and quadrupled its final dividend following record iron ore shipments and a surge in ore prices in 2020.

The surging prices and shipments fuelled a 70% surge in Fortescue's shares this year. The increased dividend payout should mean a windfall of more than A$1 billion ($803.26 million) for the company's biggest shareholder, Chairman Andrew Forrest.

Booming iron ore prices have burnished the balance sheets of the world's big iron ore miners and buttressed the Australian economy amid its first recession in a generation. Prices gained after China, the world's biggest iron ore user, ramped up infrastructure spending to beat a coronavirus induced economic slump.

"It was a great result. Very straight forward, very clean results, all the guidance was as provided," said analyst Glyn Lawcock of UBS in Sydney. "Now it will just depend on what iron ore prices do over the next 12 months."

Iron ore prices <SH-CCN-IRNOR62> were at $126.50 a tonne, up 36% this year.

The world's fourth-biggest iron ore miner said net profit for the fiscal year of 2020 was $4.74 billion, up 49% from $3.19 billion a year ago. Analysts on average were expecting profit of $4.77 billion, according to Refinitiv IBES data.

Shares rose 3.3% at A$18.59 in an otherwise flat Australian sharemarket.

The company declared a final dividend of A$1 per share, up from A$0.24 paid last year.

With the final payout, total dividends for the year stood at A$1.76 per share, up 54% on the year, representing 77% of the company's full-year profit after tax - at the upper end of its payout policy of up to 80%.

In 2019, Andrew Forrest was Australia's seventh richest person, according to Forbes, with $4.6 billion, thanks largely to his 36% stake in Fortescue.

($1 = 1.3943 Australian dollars) (Reporting by Rashmi Ashok in Bengaluru and Melanie Burton in Melbourne; Additional reporting by Anushka Trivedi; Editing by Richard Pullin and Christian Schmollinger)


Stocks mentioned in the article
ChangeLast1st jan.
FORTESCUE METALS GROUP LIMITED 1.67% 16.48 End-of-day quote.54.16%
UBS GROUP AG -4.44% 10.585 Delayed Quote.-9.73%
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Financials (USD)
Sales 2021 14 311 M - -
Net income 2021 5 499 M - -
Net Debt 2021 751 M - -
P/E ratio 2021 9,48x
Yield 2021 7,47%
Capitalization 50 721 M 36 237 M -
EV / Sales 2021 3,60x
EV / Sales 2022 4,61x
Nbr of Employees -
Free-Float 50,1%
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Technical analysis trends FORTESCUE METALS GROUP LIMITED
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Income Statement Evolution
Consensus
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Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 11,26 $
Last Close Price 16,48 $
Spread / Highest target -13,3%
Spread / Average Target -31,7%
Spread / Lowest Target -66,9%
EPS Revisions
Managers
NameTitle
Elizabeth Anne Gaines Chief Executive Officer & Executive Director
John Andrew Henry Forrest Chairman
Greg Lilleyman Chief Operating Officer
Ian Wells Chief Financial Officer
Mark Bradley Barnaba Deputy Chairman
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