In reporting its 2021 annual results, FMG stated that its underlying profit before tax reached US$16.4 billion, a 96 per cent increase on financial year 2020.
In recognition of this success, the firm announced that it would pay out a dividend of $3.58 per share, a 103 per cent increase on the previous year.
In announcing its results FMG was keen to highlight how its success would only further its commitment to sustainability.
In March 2021, the company had announced a revised target to reach carbon neutrality by 2030, 10 years earlier than its previous target.
On Monday, the company confirmed that it has been able to accelerate its journey towards net zero through the function of Fortescue Future Industries (FFI). FFI focuses on the production of green energy and industrial products.
FMG’s capital allocation framework includes an allowance of 10 per cent of profit after tax to fund FFI. In 2021 this allocation reached US$1 billion, the firm stated. FMG expects this to continue into 2022.
“The establishment of Fortescue Future Industries during the year underpinned our industry target to achieve carbon neutrality by 2030,” said FMG chief executive Elizabeth Gaines.
“As we execute on our strategy to become a global leader in the battle against climate change we will establish goals to tackle emissions across our value chain”.
While continuing its commitment to sustainability, the firm expects to deliver similar benefits to its shareholders in 2022.
“We have seen a strong start to FY22 and through operational excellence, sustained focus on productivity and disciplined approach to capital allocation, we will continue to deliver benefits to all our stakeholders,” Ms Gaines said.
