Fortescue Delivers With $1 Billion Profit for the Year
Andrew Forrest’s mining company, Fortescue, has steamrolled right through its financial year and shows no signs of slowing down. The Perth-based miner has announced a full-year profit of A$987.9 million for the year ending in June, thanks to Chinese demand and increased iron ore prices.
Fortescue shipped nearly 41 million tonnes of iron ore from Western Australia, which contributed to the profits being up from $561 million the previous year. Now under the leadership of CEO Nev Power (although founder and former CEO Andrew Forrest still sits on the board as Chairman), Australia’s third largest iron ore company is on the path to boost its operating capacity from 55 million tonnes per annum to 155mta over the next two years. “This has been an outstanding result for Fortescue this year,” Nev Power told The Australian.
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Fortescue’s full year results also showed sales revenue had increased 69 per cent to $5.2 billion.Chinese customers contributed more than $5 billion in revenue, and Nev Power says that Fortescue is still witnessing continued demand from China. “We haven't seen any deferral of shipments or changes in order patterns, but there's no question that the tightening of credit in China has started to moderate demand in a small way,” Nev Power said.
Fortescue said it would pay shareholders a final dividend of 4 cents a share now that it is a tax paying company.
Shares closed Friday on the ASX at $5.75, contributed to an 8.4 percent drop in the benchmark index.
Business Chief Legend: Ho Ching, CEO of Temasek
Ask Singaporeans who Ho Ching is, and the majority will answer the ‘wife of Prime Minister Lee Hsien Loong’. And that’s certainly true. However, she’s also the CEO of Temasek Holdings, Singapore’s sovereign wealth fund, and one of the world’s largest investment companies.
Well, she is until October 1, 2021, as she recently announced she would be retiring following 16 years as CEO of the investment giant.
Since taking the reins in 2004, two years after joining Temasek as Executive Director, Ho has gradually transformed what was an investment firm wholly owned by Singapore’s Government into an active investor worldwide, splashing out on sectors like life sciences and tech, expanding its physical footprint with 11 offices worldwide (from London to Mumbai to San Francisco) and delivering growth of US$120 billion between 2010-2020.
Described by Temasek chairman Lim Boon Heng as having taken “bold steps to open new pathways in finding the character of the organisations”, Ho is credited with building Temasek’s international portfolio, with China recently surpassing Singapore for the first time.
As global a footprint as Ho may have however, she has her feet firmly planted on Singapore soil and is committed to this tiny city-state where she was not only educated (excluding a year at Stanford) but has remained throughout her long and illustrious career – first as an engineer at the Ministry of Defence in 1976, where she met her husband, and most notably as CEO of Singapore Technologies, where she spent a decade, and where she is credited with repositioning and growing the group into the largest listed defence engineering company in Asia.
It’s little wonder Ho has featured on Forbes’ annual World’s Most Powerful Women list for the past 16 years, in 2007 as the third most powerful woman in business outside the US, and in 2020 at #30 worldwide.
But it’s not all business. Ho has a strong track record in Singapore public service, serving as chairman of the Singapore Institute of Standards and Industrial Research and as deputy chairman of the Economic Development Board; and is a committed philanthropist with a focus on learning difficulties and healthcare.
As the pandemic kicked off, she not only led active investments in technology and life sciences, with German COVID-19 vaccine developer BioNTech among the most recent additions to Temasek’s portfolio, but through the Temasek Foundation – the firm’s philanthropic arm which supports vulnerable groups close to Ho’s heart, handed out hand sanitiser and face masks.
So, you would be forgiven for thinking that at age 68, Ho might simply relax. But in March 2021, just as she announced her retirement from Temasek, Ho joined the Board of Directors of Wellcome Leap, a US-based non-profit organisation that’s dedicated to accelerating innovations in global health. Not ready to put her firmly grounded feet up yet it seems.