Ferrexpo plc (LON: FXPO) said on Wednesday that its profit posted an increase in 2020, despite the ongoing Coronavirus pandemic that disrupted operations last year. On the back of its hawkish performance, the mining company also a special interim dividend on Wednesday.
Ferrexpo shares jumped close to 2.5% in premarket trading on Tuesday but lost almost the entire intraday gain on market open. The stock currently has a per-share price of £3.59. In comparison, it had started the year 2021 at £2.96 per share. If you want to invest in the stock market online, you will need a reliable stockbroker – here is a list of the top few to make selection easier for you.
Ferrexpo reports £538 million of pre-tax profit
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Ferrexpo said that its pre-tax profit printed at £538.03 million in 2020. In the previous year, it had recorded a lower £330.63 million of profit before tax. The Swiss-based company valued its revenue at £1.22 billion in the recently concluded year that represents a 13% annualised growth.
The company attributed the increase in its full-year revenue to destocking and stronger production volumes. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA), as per Ferrexpo, jumped to £617.95 million in 2020 – a year over year increase of 46%.
In separate news from the United Kingdom, a majority of G4S shareholders accepted a £3.8 billion takeover offer from U.S. rival Allied Universal.
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Ferrexpo declares a special interim dividend
Ferrexpo announced 28.49 pence per share of a special interim dividend on Wednesday, which pushed its full-year payment up, to 52.23 pence per share. In 2019, the commodity trading firm had paid 14.24 pence per share.
A final dividend for 2020 might also be declared later, but the board has not yet finalised its decision. Ferrexpo expects a further increase in production this year. In the second half, the Baar-based company said, capacity upgrades are likely to result in an increase in pellet output.
Ferrexpo’s report comes a day after the British multinational miner Antofagasta plc said that its net profit climbed by 6% in 2020.
Ferrexpo performed largely upbeat in the stock market last year with an annual gain of more than 60%. At the time of writing, the world’s 3rd largest exporter of iron ore pellets is valued at £2.11 billion and has a price to earnings ratio of 7.65.
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