Mineral Resources (ASX:MIN) surges 76% in FY21 revenue

Company News

by Lauren Evans

Mineral Resources (ASX:MIN) records revenue of $3.7 billion for the period ending 30 Jun 2021, up 76 per cent from the prior year. 

Earnings before interest, tax, depreciation, amortisation and impairment (EBITDA) was $1,901 million, up 148 per cent from the prior year.

The mining company recorded continued growth in the mining services segment and record iron ore sales volumes and prices. Mining Services production volumes increase by 20 per cent from the prior year.  

Net profit after tax was $1,268 million, up 26 per cent from the prior year.

Final dividend of 175 cents per share, together with the interim dividend of 100 cents per share, amounts to a record total fully franked dividend of 275 cents per share.

Mineral Resources exported a total of 17.3 million wet metric tonnes (wmt) of iron ore and 485 thousand dry metric tonnes (dmt) of spodumene.

Mineral Resources managing director Chris Ellison said, "the constant threat of Covid-19 has forced us to remain vigilant to keep this highly
contagious virus out of our operations."

He continues, "the full-year result is the culmination of continued strong growth in our Mining Services division, which is our Company’s heartbeat, and realises the rewards from our decision to build longhorizon businesses in iron ore and lithium."

Shares in Mineral Resources (ASX:MIN) are trading 3.2 per cent lower at $58.40. 

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