SYDNEY— Rio Tinto PLC reported a record first-half net profit and more than tripled its midyear payout to shareholders, benefiting from a bull run in commodity prices that has stoked inflation expectations around the world.
On Wednesday, the world’s second-largest mining company by market value said net profit for the six months through June rose to more than $12.3 billion from over $3.3 billion a year earlier.
First-half underlying earnings, which exclude some one-time items, more than doubled to nearly $12.2 billion, beating the more than $12 billion consensus estimate compiled by Vuma from 14 analyst forecasts.
“We saw significant and prolonged price spikes during the first half,” Chief Executive Jakob Stausholm said. That was underpinned by government stimulus programs in response to the Covid-19 pandemic, he said.
The profit boom meant big returns for shareholders. Directors declared an ordinary dividend of $3.76 a share, up from $1.55 a share a year earlier. They also unveiled a special dividend of $1.85 a share.