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Rio Tinto profit more than doubles on higher commodity prices
StockMarketWire.com
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Mining titan Rio Tinto more than doubled its annual profit after it benefited from higher commodity prices following an easing of Covid-19 lockdowns globally.
Net profit for the year through December jumped to $21.09 billion, up from $9.77 billion year-on-year, as revenue rose 42% to $63.50 billion.
Underlying earnings before interest, tax, depreciation and amortisation climbed 58% to $37.72 billion.
Rio Tinto declared a full-year dividend, including special dividends, of $10.40 per share, up 87% year-on-year.
'The recovery of the global economy, driven by industrial production, resulted in significant price strength of our major commodities,' chief executive Jakob Stausholm said.
Rio Tinto kept its production guidance for 2022 unchanged and forecast capital expenditure of around $8 billion.
On a down note, it forecast cash costs at its Pilbara iron ore operations in Australia to increase to $19.50-to-$21.00 per tonne.
Rio Tinto said the guidance reflected rising input prices and labour costs, an increased mining work index and higher mine processing plant maintenance.
Story provided by StockMarketWire.com
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