BHP FY Profit Drops

(RTTNews) - BHP (BHP.AX, BLT.L, BBL, BHP) reported that its attributable profit for the year ended 30 June 2024 dropped 39% to US$7.897 billion from the prior year's US$12.921 billion, due to an exceptional loss of US$5.8 billion. This predominantly comprised of US$2.7 billion impairment of Western Australia Nickel and a US$3.8 billion charge related to the Samarco dam failure. This was partially offset by a US$0.7 billion gain on disposal of the Blackwater and Daunia mines.

Basic earnings per share 155.8 U.S. cents compared to 255.2 U.S. cents in the prior year.

But underlying attributable profit increased 2% to US$13.66 billion from the prior year, due to solid operational performance and higher commodity prices in key commodities. Underlying basic earnings per ordinary share were 269.5 U.S. cents compared to 265.0 U.S. cents in the previous year.

Annual revenue grew to US$55.66 billion from last year's US$53.82 billion primarily as a result of higher realized prices across iron ore and copper, where sales volumes also increased 3% and 5% respectively. This was partially offset by lower energy coal and nickel prices, and lower steel-making coal volumes following the divestment of Blackwater and Daunia on 2 April 2024.

The company said that a final dividend of US$0.74 per share, equivalent to a 53% payout ratio will be paid to shareholders on 3 October 2024.

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