FX.co ★ Rio Tinto H1 Profit Rises

Anglo-Australian mining behemoth Rio Tinto Plc (RTNTF, RIO, RIO.L, RTPPF) has reported a significant increase in net profit attributable to shareholders for the first half of 2024, rising to $5.81 billion, or 355.8 cents per share, up from $5.12 billion, or 313.9 cents per share, in the corresponding period of the previous year.

Consolidated sales revenue for the period also saw a slight increase, amounting to $26.80 billion compared to $26.67 billion in the prior year.

The company announced that the 2024 interim dividend of 177 US cents per share will be distributed on 26 September 2024 to shareholders recorded as of the close of business on 16 August 2024. The ex-dividend date is set for 15 August 2024.

Rio Tinto also stated that its share of capital investment (a non-IFRS measure) remains stable. For the years 2024, 2025, and 2026, the company anticipates capital investment to reach up to $10.0 billion annually, including up to $3.0 billion per year dedicated to growth, contingent on arising opportunities.

Furthermore, the company is on track to increase its overall copper equivalent production by approximately 2% this year. Rio Tinto aims to achieve around 3% compound annual growth in production from 2024 to 2028 through its existing operations and projects.