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Fortescue posts record annual earnings

Fortescue’s chairman and major shareholder, Andrew ‘Twiggy’ Forrest will collect over $1-billion in dividends following a better-than-expected full-year profit.

Fortescue Metals Group has revealed record annual earnings and returns to shareholders and declared a 24c per share fully franked dividend.

Mr Forrest will receive about $261-million from the final dividend, meaning an impressive $1.24-billion for the entire year.

Elizabeth Gaines, CEO of Fortescue tells Ross Greenwood “our balance sheet has never been in better shape.”

“In the record year that we’ve just recorded, FY19 the average iron ore price during that whole year was $80 a tonne.

“And we generated $3.2-billion of net profit after tax and paid a record dividend of $1.14 per share.

“So the fundamentals are very robust for the iron ore sector.”

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