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Ferrexpo doubles interim dividend as H1'19 net profit surges YOY

Ferrexpo PLC doubled the interim dividend as attributable net profit for the first half surged 78% year over year to US$269.4 million, or 45.8 U.S. cents per share, meeting expectations.

The company declared an interim dividend of 6.6 cents per share, compared to the year-ago interim dividend of 3.3 cents per share.

Revenue for the half climbed 28% on a yearly basis to US$787.1 million due to higher iron ore fines prices and increased sales volumes. Sales volumes increased 4% year over year to 5.0 million tonnes, according to the company's Aug. 2 earnings release.

The company's operating profit for the half jumped to US$329.5 million from US$200.5 million. Capital expenditure grew 104% to US$114 million.

Ferrexpo's own-sourced pellet production in the half grew 5.3% yearly to 5.4 Mt, and the company maintained its full-year production guidance at 10.6 Mt.