On Aug 16, BHP Billiton, the world's largest mining company, announced its financial results for fiscal 2022, which ended June 30. The results also showed BHP had its highest full-year profit ever, helped by record commodity prices.
For the year ended June 30, BHP reported a full-year net profit of $30.90 billion, compared with estimates of $22.56 billion, and a full-year final dividend of $1.75 per share, taking the annual dividend to $3.25 per share, also a record.
Full-year underlying earnings totalled $23.8bn, up 39 per cent on the previous year, beating the average analyst forecast of $21.6bn and the highest level since the company was formed through a merger in 2001. Net income rose 26% from a year earlier to $30.09 billion, beating analysts' estimates of $22.56 billion and the highest since 2011.
BHP said the results were due to excellent operational performance, as well as the benefits of record commodity prices and the group's tight cost control. Among them, Western Australian Iron Ore (WAIO) sales and free cash flow both set new records. The Western Australian Iron ore operation is reliable and robust and has achieved record sales (on a 100 per cent basis) for three consecutive years. South Flanks is now delivering faster than planned.
At the same time, the Escondida copper mine is producing at record levels and concentrator production is averaging near record levels.
