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BHP Reports Record Annual Profit and Continuing Demand from China

Charlie Brooks

Aug 16, 2022 10:41

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BHP Group Ltd. (ASX:BHP), the world's largest mining firm, reported a record underlying profit in fiscal year 2022, driven by healthy sales of its Western Australian iron ore and China's sustained metals demand.


For the fiscal year ended June 30, 2022, the miner's underlying earnings grew by 26% to a record $21.32 billion. BHP also issued a final dividend of $1.75 per share.


China, BHP's largest market, has a healthy demand for iron ore, which has contributed to the company's outstanding financial performance.


Despite a fall in demand for metals in more developed economies, the company predicts this trend to continue until 2023, with Chinese consumption staying strong. Energy crises in Europe and rising inflation are two of the miner's most important problems.


"As policy support gets in pace, we think that China will emerge as a source of stability for commodity demand in the coming year. In addition, we anticipate a slowdown in developed economies as monetary policy tightens "said BHP CEO Mike Henry.


The Anglo-Australian miner forecasts that production at its Western Australia Iron Ore operations would exceed 300 million tonnes per annum (mtpa) by 2023, and is examining options to raise production to as much as 330 mtpa.


In 2022, the total revenue from iron ore declined from $34.34 billion in 2021 to $30.63 billion due to a decline in iron ore prices in the second half of the year.


China's sluggish industrial output as a result of a series of COVID-19 lockdowns enacted this year precipitated the decrease in commodities prices.


China's industrial output is declining, according to data released on Monday, a trend that could be negative to BHP this year. Rio Tinto Ltd (ASX:RIO), the largest iron ore miner in the world, reported weaker underlying profitability for the first half of the year, citing a decline in Chinese imports.


In an effort to expand its portfolio beyond iron ore, BHP made a $5.8 billion bid for copper miner OZ Minerals Ltd (ASX:OZL) last week. The offer was declined.

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