BHP reports $20bn underlying net profit, beating estimates

BHP has beaten estimates despite a rocky year for the mining giant, posting another eye-watering profit.

BHP has exceeded expectations for the 2024 fiscal year, reporting an underlying net profit of $US13.7bn ($A20.2bn), up from an estimated $US13.5bn ($A19.9bn) yield.

The Australian mining giant increased revenue by 3 per cent to $US55.7bn ($A82.2bn) despite dire nickel prices hampering a swath of its operations.

Revenue edged upwards on the back of higher iron ore and copper prices that also grew by 3 per cent and 5 per cent respectively.

Mining behemoth BHP has posted an underlying net profit of $US13.7bn ($A20.2bn), beating estimates. Picture: NewsWire / Brenton Edwards

But it was not all good news, with shareholders getting a trim on their dividends despite the better-than-expected performance.

BHP declared a fully franked final dividend of US74c ($A1.09), representing a return of $US3.8bn ($A5.6bn) for shareholders.

The results come after a rocky year for BHP, with the multinational still licking its wounds following a failed takeover bid for Anglo American and dire nickel prices prompting the firm to “temporarily suspend” its nickel operations later this year.

The metal is used in everything from stainless steel products to electric vehicle batteries.

A surge in cheap exports from Indonesia plunged the price of nickel globally in February to $US16,400 ($A23,600) per tonne – an enormous drop when compared with the $US50,000 ($A73,800) high in 2022.

More to come

Originally published as BHP reports $20bn underlying net profit, beating estimates