CANBERA (dpa-AFX) - Mining giant BHP Group Ltd. (BHP, BLT.L, BHP.AX, BHP.L) reported Tuesday higher fiscal 2026 profit on revenue growth, despite weak copper production. Further, the firm lifted dividend, and said it expects weak copper production in fiscal 2027, but growth by fiscal 2035.
In Australia, the shares were gaining around 2.68 percent, trading at A$63.87.
In the full year, profit attributable to the members of the BHP Group grew 9 percent to $9.833 billion from $9.019 billion last year. Basic earnings per ordinary share rose to 193.6 US cents from 177.8 US cents a year ago.
Underlying attributable profit reached $13.204 billion, compared with $10.157 billion in the prior year. Underlying basic earnings per share climbed to 260.0 US cents from 200.2 US cents previously.
Underlying EBITDA increased to $32.947 billion from $25.978 billion last year.
Revenue grew 15 percent to $58.760 billion from $51.262 billion last year.
Total copper production dropped to 1,953 kt from 2,017 kt last year.
Further, the board approved a final dividend of 99 US cents per share, fully franked, compared with 60 US cents last year. The record date is September 4, and the payment date is September 23. Total dividends for fiscal 2026 reached 172 US cents per share, representing an increase of 62 US cents from the previous year.
For fiscal 2027, copper production is expected to be between 1,650 and 1,800 kt, primarily due to forecast grade decline at Escondida.
Looking ahead, Ross McEwan, Chair, stated: 'As we enter FY2027, the broader economic picture remains resilient despite recent commodity market volatility. We continue to see strength in the US and China, even as the global economy adjusts to evolving trade dynamics. We remain confident in the demand for our core commodities and the strength of our growth program.'
BHP estimates its growth options could increase attributable copper production to approximately 2 Mtpa or approximately 2.5 Mtpa in copper equivalent production, by fiscal 2035, representing an increase of around 40 percent on current attributable copper production levels. This equates to average copper equivalent growth of approximately 5 percent annually between fiscal 2027 and 2035.
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