Original article by Nick Evans
The Australian – Page: 13 & 17 : 17-Aug-22

BHP has posted a record net profit of $US30.9bn ($44.2bn) for 2021-22, which is 173 per cent higher than previously. The result was boosted by a $US7.3bn gain from the merger of its petroleum division with Woodside Energy and a $US9.3bn turnaround at its Queensland coal mines. However, lower iron ore prices saw its flagship division’s underlying EBITDA fall 17.7 per cent year-on-year to $US21.71bn. BHP shipped 282.8 million tonnes of iron ore in 2021-22 and expects 2022-23 shipments to be within the range of 278 to 290 million tonnes. BHP has also indicated that it may look to eventually lift this to 330 million tonnes. However, CEO Mike Henry says Chinese demand for iron ore may be nearing its peak, although he expects commodity sales to remain strong over the next year following China emergence from lockdowns.

CORPORATES
BHP GROUP LIMITED – ASX BHP