Fortescue (ASX: FMG) expects to benefit from cost-saving initiatives and strategic partnerships

Tue 23 Jul 24, 07:07 AM | Team Kalkine

Image source: © Viewimage | Megapixl.com

Highlights

FMG is an ASX-listed exploration, development, production, processing, and marketing company with focus on copper, gold, lithium deposits, and rare earth elements

In 1HFY24, revenue of FMG surged by 21.40% YoY to USD 9,512 million

Forrest (John Andrew Henry) has the highest stake in the company with a shareholding of ~36.75%

Fortescue Limited (ASX: FMG) is involved in the exploration, development, production, processing, and marketing of copper, gold, lithium deposits, and rare earth elements. Moreover, the company is an integrated green technology, metals and energy organisation.

In the first half of the financial year 2024 (1HFY24), FMG’s revenue increased by 21.40% YoY to USD 9,512 million, supported by increase in shipping and iron ore sales, partially offset by a fall in revenue from engineering and manufacturing services. The period recorded 41% YoY rise in net profit to USD 3,337 million, driven by favourable price movements and disciplined cost management. Net cash flow from operating activities increased by 41.45% to USD 4,170 million in 1HFY24.

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