Consistent, stable financial performance as we ramp up our investments in growth; underlying EBITDA of $12.1 billion and interim ordinary dividend of 177 US cents per share
-
Underlying EBITDA of
$12.1 billion . Net cash generated from operating activities of$7.1 billion . -
Profit after tax attributable to owners of
(referred to as "net earnings" throughout this release) ofRio Tinto $5.8 billion . -
Underlying earnings of
$5.8 billion , leading to an interim ordinary dividend of$2.9 billion , a 50% payout.
Six months ended 30 June |
2024 |
2023 |
Change |
||
Net cash generated from operating activities (US$ millions) |
7,056 |
6,975 |
1% |
||
Purchases of property, plant and equipment and intangible assets (US$ millions) |
4,018 |
3,001 |
34% |
||
Free cash flow1 (US$ millions) |
2,843 |
3,769 |
(25)% |
||
Consolidated sales revenue (US$ millions) |
26,802 |
26,667 |
1% |
||
Underlying EBITDA1 (US$ millions) |
12,093 |
11,728 |
3% |
||
Profit after tax attributable to owners of |
5,808 |
5,117 |
14% |
||
Underlying earnings per share (EPS)1 (US cents) |
354.3 |
352.9 |
--% |
||
Ordinary dividend per share (US cents) |
177.0 |
177.0 |
--% |
||
Underlying return on capital employed (ROCE)1 |
19% |
20% |
|
||
|
At 30 June
|
At 31 Dec
|
|
||
Net debt1 (US$ millions) |
5,077 |
4,231 |
20% |
||
“Our overall copper equivalent production is on track to grow by around 2% this year, and our ambition is to deliver around 3% of compound annual growth from 2024 to 2028 from existing operations and projects.
"We are at an inflection point in our growth, with a step change from our aluminium business and consistent production at our Pilbara iron ore operations. We have considerable growth in cash flow from the ramp-up of the underground copper mine at Oyu Tolgoi, and more value to come as our Simandou investment and Rincon lithium project proceed at pace. We are also solving some of our most complex challenges through technology and partnerships, such as the renewable power solutions announced for Boyne and NZAS.
"Our strengthened operations along with stable pricing for our commodities have allowed us to again deliver robust financial results, with underlying EBITDA of
"Our strong balance sheet enables us to continue to maintain our practice of a 50% interim payout with a
The 2024 Half Year Results release is available here
1 This financial performance indicator is a non-IFRS (as defined below) measure which is reconciled to directly comparable IFRS financial measures (non-IFRS measures). It is used internally by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business performance of the Group’s operations. For more information on our use of non-IFRS financial measures in this report, see the section entitled “Alternative performance measures” (APMs) and the detailed reconciliations on pages 62 to 69. Our financial results are prepared in accordance with IFRS — see page 34 for further information.
This announcement is authorised for release to the market by Rio Tinto’s
LEI: 213800YOEO5OQ72G2R82
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