Fortescue records its second highest first half iron ore shipments as profits rise

Fortescue (ASX: FMG) shipped 94.6mt of iron ore in H1 FY24, the second highest first half shipments in the company’s history. 

Fortescue’s near-record shipments helped the miner increase its net profit after tax (NPAT) by 41% over the prior corresponding period to $5.04b (US$3.3b). 

Fortescue Metals chief executive Dino Otranto says “Fortescue’s performance in the first half of FY24 has been excellent, with the team achieving our second highest first half shipments while maintaining our strong focus on safety and keeping our costs low”. 

 “This contributed to outstanding financial results, with EBITDA of US$5.9b ($9.01b) and net profit after tax of US$3.3b ($5.04b). 

The results follow the first shipment of high–grade magnetite concentrate from Iron Bridge in September 2023. 

“Whether it’s through our first green energy projects, our diversification into the high grade segment of the iron ore market through Iron Bridge, or expansion of our global footprint with the Belinga Iron Ore Project in Gabon, we remain committed to creating value for all our stakeholders,” Mr Otranto said. 

The miner also announced its guidance for FY24 shipments capital expenditure is unchanged. 

Fortescue Energy chief executive Mark Hutchinson says “the delivery of our decarbonisation plan continues to gain momentum with the deployment of our 240t battery electric haul truck, Roadrunner, and commissioning of Australia’s first operational electric excavator”. 

“We have also completed vessel conversion works on the Green Pioneer, which we showcased at COP28 in Dubai, and are nearing the completion of testing, commissioning and class accreditation.?? 

“Over the half we also continued to make important progress across the four verticals now established within our Energy business – green energy production, battery technology development, hydrogen systems and capital.  

“We have a strong pipeline of projects to come, and we will continue to show the same financial discipline that Fortescue has shown for 20 years.”