Australia’s leading mining services contractor Mineral Resources (ASX: MIN) has raised its interim dividend 77 per cent to 23c per share after a strong first half of the financial year saw its underlying net profit jump 279 per cent to $129 million.
The underlying result excluded the positive impact of MinRes’ sale of 60 per cent of the Wodgina lithium project to US giant Albemarle and was driven by a strong performance of MinRes’ mining services and iron ore divisions.
Underlying earnings before interest, tax, depreciation and amortisation for the six months to December 31 were $330 million, up 224 per cent. The addition of the proceeds of the Wodgina deal bumped MinRes’ statutory net profit for the half up to $884 million. MinRes affirmed the full-year guidance it gave investors at its annual meeting in November.