BHP profit up 124%, revenue steady, record dividends

Company News

by Jessica Amir

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$35.660 -$0.762 -2.09%
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Last Updated: 26/02/2020 3:59 PM

Mining giant, BHP (ASX:BHP) reported results for the year ended 30 June 2019 to the market, with a 124 per cent in profit to US$8.31 billion (in attributable profit terms). The bolstered results came on the back of higher prices and record production at several of its operations.

The $174 billion company had steady revenue of US$45.1 billion (in line with FY18) on impacts of weather, resource headwinds and unplanned outages in the first half of the year.

BHP declared a record final dividend of US78 cents per share (fully franked), or US$3.9 billion (the prior year’s div was US63 cents). That’s on top of a record US$17 billion already returned to shareholders in the 2019 financial year.

Its performance over the past five years has delivered an increase in volumes of 10 per cent and a reduction in unit costs of more than 20 per cent across its major assets.

It has six major projects in development in petroleum, copper, iron ore and potash (following the approval of the Ruby oil and gas development this month) – with all projects on schedule and budget.

Shares BHP (ASX:BHP) closed 0.22 per cent higher at $36.25 yesterday. Year-on-year its share have risen 9.3 per cent.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 after having worked in financial advising for seven years and in TV journalism for seven years, specialising in finance, equities and analysis. She has interviewed former Prime Ministers of Australia, Tony Abbott, Julia Gillard and Kevin Rudd and ex Treasurer Jo Hockey. Jessica has worked as a journalist with Sky News Business, ABC 1, ABC's The Business, ABC24 and has also been a regional Channel 7 and 9 TV reporter with Prime7 and Win News.