Fortescue has reported a net profit after tax (NPAT) of $US3.4 billion ($5.2 billion) for the 2024–25 financial year (FY25), shipping a record amount of iron ore as the company continues to consolidate strong relations with China.

The iron ore major shipped a record 198.4 million tonnes (Mt) in the year to June 30, supported by strong supply chain performance and lower hematite C1 costs of $US17.99 per wet metric tonne. Underlying EBITDA came in at $US7.9 billion with a margin of 51 per cent.

“As the industry’s lowest-cost producer, we’ve delivered another strong set of results – record shipments, disciplined cost performance, solid earnings and a continued focus on safety,” Fortescue metals and operations chief executive officer Dino Otranto said.

“In line with our commitment to deliver returns to shareholders, the Board has declared a fully franked final dividend of $0.60 per share, bringing total dividends declared for FY25 to $1.10 per share, representing a 65 per cent payout of net profit after tax.”

The company joined the Australian Prime Minister and other major iron ore miners in a visit to China in July to strengthen trade relations with the country.

“The Australian Prime Minister’s recent visit to China, which I was honoured to join, highlighted the value of collaboration between governments and industry,” he said. “It was a strong signal for strengthening relationships in key markets – something underscored by our recent RMB (Renminbi) term loan facility which was made possible through Fortescue’s long-standing partnerships with Chinese institutions.”

Looking ahead, Fortescue growth and energy chief executive officer Gus Pichot said the company was balancing operational excellence with future growth.

“Green energy and green hydrogen remain key to our future, including our green iron strategy,” he said. “Construction of our Green Metal project in the Pilbara is underway and the pilot plant will soon begin producing green iron using green hydrogen.”

Fortescue is targeting FY26 shipments of 195–205Mt, with continued investment in decarbonisation and new growth projects.

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