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Ferrexpo rolls out special divi as profit jumps on higher production
StockMarketWire.com
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Iron ore pellet producer Ferrexpo rolled out a special dividend following 'strong' annual performance as profit jumped thanks to rising production volumes and the destocking process in the first half.
The company proposed a special interim dividend of 39.6 US cents, taking the total dividends for the year 2020 to 72.6 US cents, up from 19.8 US cents last year.
Pellet production rose 7% to 11,218kt and sales volumes were up 17%.
For the 12 months ended 31 December 2020, pre-tax profit jumped to $747.9 million from $459.6 million as revenue rose 13% to US$1.7 billion.
Looking ahead, the company expects to deliver a further increase in production from the level seen in 2020.
'Pellet production is likely to be higher in the second half of 2021 as pelletiser upgrade work is planned for the first half of the year, which will deliver approximately 0.5-1.0 million tonnes per annum of additional full year pelletiser capacity in the second half of 2021,' the company said.
'The group also expects to market additional concentrate for sale during 2021 as a result of investments completed in expanding processing capacity in 2020,' it added.
Story provided by StockMarketWire.com
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