Rio Tinto PLC

Rio Tinto PLC (LSE: RIO) is an FTSE 100 index-listed mining and metals company. The Company's business is finding mining and processing mineral resources. The Company's segments include Iron Ore, Aluminium, Copper & Diamonds, Energy & Minerals, and Other Operations.

H1 FY24 Results (Released on 31 July 2024)

• Profits for H1 FY24: During H1 FY24 the group’s net profit attributable to its owners increased to USD 5.8 bn from USD 5.1 bn in pcp. The company's total profit after tax for the same period rose to USD 5.9 bn, compared to USD 4.9 bn the previous year, with a USD 0.1 bn profit attributed to non-controlling interests, a turnaround from a USD 0.2 bn loss in H1 FY23.

• Operations: In the first half of 2024, the US dollar appreciated by 3% against the Australian dollar while remaining steady against the Canadian dollar compared to the same period in 2023. This currency appreciation positively impacted Rio Tinto's underlying EBITDA by an additional USD 0.2 bn. Despite a 1.4% increase in copper equivalent sales volumes, driven by a 15% rise in copper sales and increased output from Matalco after its 2023 acquisition, Rio Tinto's underlying EBITDA fell by USD 0.1 bn. This decline was primarily due to a 3% reduction in iron ore shipments from the Pilbara region.
  

• Dividend: The management recommended an interim dividend of US 177 cents per share, which is to be paid on 26 September 2024.

• Production Update: In H1 FY24, Rio Tinto reported Pilbara iron ore shipments of 158.3 mn tonnes, with a full-year forecast between 323 to 338 mn tonnes. Bauxite production for the same period was 28.1 mn tonnes, with expectations to reach 53 to 56 mn tonnes by year-end. Alumina production was 3.5 mn tonnes, with the annual production goal set between 7.0 and 7.3 mn tonnes.

Share Price Chart

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Rio Tinto PLC (LSE: RIO) was trading at the current market price of GBX 4,891.50 (as of 05 August 2024, 10:20 AM GMT+1) 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is 05 August 2024. The reference data in this report has been partly sourced from REFINITIV.

Note 3: ‘Kalkine reports are prepared based on the stock prices captured either from the London Stock Exchange (LSE) and or REFINITIV. Typically, both sources (LSE and or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Note 4: Dividend Yield may vary as per the stock price movement.