BHP Group reports a 34% growth in profit from operations Shares up on ASX

BHP Group Limited (ASX: BHP) has released its FY2022 results and reported a 34% growth in its profit from operations to US$34.1 billion. It announced a record Underlying EBITDA of US$40.6 billion at a record margin of 65% for continuing operations.

• Net operating cash flow for the period was US$29.3 billion and record free cash flow was US$24.3 billion.
• Capital and exploration expenditure was US$6.1 billion for continuing operations.
• Net debt reduced from US$4.1 billion during 30 June 2021 to US$0.3 billion by the end of FY2022.
• The Board has determined to pay a final dividend of US$1.75 per share.

Major Developments:

• Completed the merger of BHP’s Petroleum business with Woodside Energy on 01 June 2022.
• Completed the divestment of BHP’s 80% interest in BMC on 3 May 2022.

FY2023 Outlook:

• Total Copper production for FY2023 is expected in between 1,635 and 1,825 kt.
• Escondida production would be in between 1,080 and 1,180 kt.
• Production at Pampa Norte is anticipated to range from 240 and 290 kt.
• Antamina Copper production is likely to range from 120 and 140 kt.

At AEST 11:16 AM, BHP shares are trading at AU$40.420, up 3.854% from the previous close. 

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