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BHP Group H1 2023 Earnings Snapshot
Top miner BHP's earnings dip year-on-year, will its headwinds ease?
BHP Group Limited is an Australian multinational public company which is headquartered in Melbourne, Australia. It's known as the world's largest mining company by market value. The company engages in the exploration, development, production and processing of iron ore, metallurgical coal and copper. BHP’s share price soared nearly 29% in 2022 and still gets an increase of 7% approximately this year by Feb.21, 2023.
BHP Group Limited is an Australian multinational public company which is headquartered in Melbourne, Australia. It's known as the world's largest mining company by market value. The company engages in the exploration, development, production and processing of iron ore, metallurgical coal and copper. BHP’s share price soared nearly 29% in 2022 and still gets an increase of 7% approximately this year by Feb.21, 2023.
H1 2023 Financial Highlights:
• Total revenue for the H1 FY2023 totaled $25.7 billion, down 24% year-over-year(YoY). While revenue in the Coal segment rose 4% YoY to $5.6 billion.
• Profit after taxation attributable to members of the BHP Group was down 32% to $6.46 billion v.s. market expectations of $6.82 billion. BHP's profit was weighed by weaker copper and iron ore prices, as well as increased coal royalty rates and cost inflation.
• The management declared an interim dividend of $0.90 a share, equal to $4.6 billion or a 69% payout ratio. The record date is Mar 10, 2023 and payment date is on Mar 30, 2023.
• During H1 2023, BHP Group generated $6.8 billion of net operating cash flow and the company had cash and cash equivalents of $9.6 billion as of Dec 31, 2022.
• BHP’s iron ore production guidance for FY2023 is 249-260 Mt, copper production within 1,635-1,825 kt, and the production guidance for Metallurgical coal is expected in the range of 29 Mt to 32 Mt.
• BHP Mitsubishi Alliance unit cost has been increased from $100 to $105 per ton, reflecting full-year volumes tracking to the low end of production guidance because of inflationary pressures, wet weather, and inventory movements.
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Comments above are made available for informational purposes only. Before investing, please consult a licensed professional. *Source of data: https://www.sec.gov/Archives/edgar/data/811809/000119312523043325/d777666d6k.htm# This presentation is for information and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Before investing, please consult a licensed professional. See this link for more information.
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ZnWC : My experience with BHP is the company has many prominent petrol stations in Malaysia and a beautiful office at Marina Boulevard, Singapore which clinched the prestigious Green Mark Award in 2020.
As of 2022, BHP is the largest company in Australia, and the largest mining company in the world, both as measured by market capitalisation. For those who follow BHP closely, you will also find the company's dark side - highlights 2 recent environment and climate damage incidents.
1. Escondida and Cerro Colorado water table damage
BHP has been accused of perpetrating irregularities with respect to drawing waters above the granted limit from the aquafiers. Due to which the water table has dropped significantly, making land-based livelihoods less viable for people of the community, many of whom have been forced to relocate to urban areas. In January 2021, the Supreme Court of Chile validated the objections of local indigenous tribes about BHP's water usage and impacts on wetland areas.
2. Carbon Emissions
BHP is listed as one of the 90 fossil fuel extraction and marketing companies responsible for two-thirds of global greenhouse gas emissions since the beginning of the industrial age. Its cumulative emissions record ranks the 19th-largest corporate polluter. In 2013, it was criticised for lobbying against carbon pricing in Australia.
Bottom line
BHP is a great company to invest. But we should not forget the past mistakes and hope not to repeat them in the future as what the company's vision said:
"Putting health and safety first, being environmentally responsible and supporting our communities"