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Fortescue Metals (ASX:FMG) books US$5.7B net profit in FY24

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Fortescue Metals Group has reported a net profit after tax of US$5.7 billion for the fiscal year ended June 30.

The company also announced fully franked total dividends of $1.97 per share, equating to a payout ratio of 70%.

Operational highlights for FY24 included iron ore shipments totalling 191.6 million tonnes, contributing to the third-highest earnings in the company's history.

Fortescue also achieved a record-low total recordable injury frequency rate of 1.3, a 28% improvement from the previous year.

"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," said Dino Otranto, Fortescue Metals CEO.

"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,” Otranto added.

The company maintained strong financials with an underlying EBITDA of US$10.7 billion, a seven per cent increase from FY23, and a net cash flow from operating activities of US$7.9 billion.

Fortescue also reported a robust balance sheet with US$4.9 billion in cash and a net debt of US$500 million as of June 30.

Reflecting on the company's commitment to green energy, Mark Hutchinson, Fortescue Energy CEO, stated, "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."

The company continues to push forward with its green energy projects and commitments.

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