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Highlights:
- Fortescue shares were quoted 1.4% lower on ASX as of 10:06 AM AEST.
- The S&P/ASX 200 Materials sector was spotted 1.5% lower at 10:30 AM AEST today.
- The company reported robust financials in its FY22 result, with an NPAT of US$6.2 billion in the given period.
Vertically integrated green energy and resource company Fortescue Metals Group Ltd (ASX:FMG) shares have opened Friday’s trading session on a negative note on ASX. The share price of Fortescue was quoted at AU$17.670 per share, down 1.394% at 10:06 AM AEST on ASX today (16 September).
Over the last one year, Fortescue’s share price has marked a gain of around 3% on ASX. On the contrary, Fortescue’s share price dropped more than 10% on ASX on a YTD basis (as of 10:06 AM AEST today).
Meanwhile, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) was 1.475% lower at 15,640 points after shedding 234.1 points at 10:30 AM AEST on ASX today.
Recent developments within Fortescue:
On 29 August 2022, Fortescue released its fully audited financial results for the full year FY22 ended on 30 June 2022. The company reported robust financials in its FY22 result, driven by a record number of shipments and rising commodity prices.
Image source: © Lovelyday12 | Megapixl.com
Key highlights from Fortescue’s FY22 results:
- The company reported a record amount of shipment of almost 189 tonnes, which exceeded the guidance of the company. Therefore, it resulted in the second highest earnings and operating cash flow generation in a financial year in the company’s history.
- Fortescue reported an underlying EBITDA of US$10.6 billion in FY22 with an underlying EBITDA margin of 61% in the given period.
- The company’s Net Profit After Tax stood at US$6.2 billion in FY22, while the earnings per share were US$2.01 in the given period.
- Fortescue has also reported a net cash flow of US$6.6 billion from operating activities in FY22 and US$3.6 billion of free cash flow in FY22 after capital expenditure of US$3.1 billion in the given period.
- The company shared a strong balance sheet by the end of FY22 with cash on hand of US$5.2 billion and net debt of US$0.9 billion as of 30 June 2022.
Driven by strong financials in FY22, the board of Fortescue declared to pay a fully franked final dividend of AU$1.21 per share to its eligible shareholders on 29 September 2022. The final dividend amount represented an increase in total dividends declared in FY22 to AU$2.07 per share, equating to AU$6.4 billion and a 75% payout of NPAT.
