Fortescue Metals Group Full Year Shipments Surpassed Guidance

SEATTLE (Scrap Monster): Fortescue Metals Group reported record full year performance in FY21.

The company reported net profit after tax of $10.3 billion during the full-year ended 30^th June, 2021, significantly higher by 117% from the prior year. The earnings per share stood at $3.35. The underlying EBITDA of $16.4 billion was up by 96% from FY20, with EBITDA margin expanding to 73%. Fortescue Metals reported cash on hand of $6.9 billion and net cash of $2.7 billion as at the end of the year. The earnings and operating cash flow hit fresh peaks during the year.

According to company press release, the company posted annual shipments of 182.2 million tonnes, surpassing the earlier guidance. At the same time, it continued to uphold its safety record, registering the lowest ever Total Recordable Injury Frequency Rate (TRIFR) of 2.0 during the year, lower than the previous year by 17%, in the midst of challenges resulting from pandemic restrictions.

Commenting on the results, Elizabeth Gaines, Chief Executive Officer, Forstescue noted that the outstanding FY21 results were mainly on account of strong operating performance across its supply chain and the successful ramp up and integration of Eliwana mining operation in the Pilbara region.

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