By David WinningSYDNEY--Fortescue Metals Ltd. reported a record annual profit and raised its dividend, as it shipped more iron ore than ever before as prices of the commodity headed toward a more than six-year high. The world's fourth-biggest exporter of iron ore reported a net profit of US$4.74 billion for the 12 months through June, up from US$3.19 billion a year earlier. Directors of the company declared a final dividend of A$1.00 (US$0.72) a share, bringing the full-year payout to A$1.76. That represents a payout ratio of 77%, at the top end of its policy to return 50-80% of net profit to shareholders. That was above the top end of recently revised guidance of 177.0 million tons and 6% more than a year ago.

Source: Wall Street Journal August 23, 2020 22:52 UTC