Mining giant BHP Group announced financial results for the year ended June 30, driven by operational excellence and record production levels across its key assets.
BHP reported an underlying net profit of US$13.7 billion ($202.23 billion), surpassing the forecasted US$13.5 billion ($19.93 billion).
The company's revenue rose 3% to US$55.7 billion ($82.25 billion), driven by higher prices in iron ore and copper, with sales volumes increasing by 3% and 5% respectively.
BHP reported record volumes at Western Australia Iron Ore, maintaining its position as the world’s lowest-cost iron ore producer.
The company's global copper production increased by 9% for the second consecutive year, with another 4% growth projected for FY25.
In line with this strong performance and a healthy balance sheet, BHP declared a final dividend of 74 US cents per share, equating to a 53% payout ratio.
"We are energised to build on the positive momentum achieved this year," stated Mike Henry, BHP CEO.
BHP continues to advance its growth pipeline, particularly in copper and potash. Key projects include new copper developments in Chile and Australia.
The construction of the Jansen Potash Project in Canada is ahead of schedule, with the first production expected in just over two years.
Conversely, due to global oversupply, BHP's Western Australia Nickel operations have been temporarily suspended.
BHP further showcased its strong commitment to social value and environmental sustainability.
The company achieved 37% female employee participation, increased indigenous procurement spend to over US$600 million ($886 million), and reduced operational greenhouse gas emissions by 32% from FY20 levels.