The flagship company of Australia’s richest person, Gina Rinehart, has posted a $7.33 billion net profit for the year to June, eclipsing the profitability of three of the nation’s big four banks.

The extraordinary result was driven by record iron ore prices and operational success, with Hancock’s most significant asset – a 70 per cent stake in the Roy Hill iron ore mine – producing just over 57 million tonnes in the year, meaning it has exceeded its original goal of shipping 55 million tonnes in a year.