Fortescue posts record profit and revenue for FY 2020-21 amid strong demand

Tuesday, 31 August 2021 11:23:56 (GMT+3)   |   Istanbul

Australian iron ore miner Fortescue Metals Group has announced its financial results for the financial year 2020-21 ended on June 30.

During the given period, Fortescue’s net profit amounted to US$10.3 billion, rising by 117 percent compared to the previous financial year, while the company’s sales revenue amounted to US$22.28 billion, up 74 percent on year-on-year basis since the average realized iron ore price was $135/mt, up by 72 percent year on year. Meanwhile, Fortescue’s EBITDA increased by 96 percent year on year to US$16.37 billion in the given period.

Fortescue shipped 182.2 million mt of iron ore during the financial year, 2.2 percent higher than the previous financial year.

In the first half of the financial year 2020-21, the company’s total capital expenditure was recorded at $3.6 billion and is expected to be at $2.8-3.2 billion in the financial year 2021-22, while its iron ore shipments are predicted to be in the range of 180-185 million mt in the same period.

Fortescue achieved record shipments, revenue, earnings and cash flow in the financial year 2020-21, reflecting an outstanding performance across the supply chain and strong customer demand. “Through the Iron Bridge Magnetite project and Fortescue Future Industries, we are investing in the growth of our iron ore operations, as well as pursuing ambitious global opportunities in renewable energy and green industries,”  Elizabeth Gaines, Fortescue’s CEO, said.

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