(Alliance News) -Â Ferrexpo PLC on Friday proposed a final dividend for 2020, which it said reflects its balance sheet strength, robust iron ore prices and pellet premiums.
The Baar, Switzerland-based company mines for iron ore pellets in Ukraine.
Ferrexpo in March declared a further special interim dividend of 39.6 US cents alongside its annual results, bringing total dividends for 2020 to 72.6 cents. At that time, Ferrexpo said it would consider a final dividend for 2020 as well, which if proposed, would be put to vote at its annual general meeting in May.
For 2020, the miner reported revenue of USD1.7 billion, up 13% from USD1.5 billion in 2019, and pretax profit of USD747.9 million, up 63% from USD459.6 million.
On Friday, Ferrexpo proposed a final dividend of 13.2 cents, bringing the total payout for 2020 to 85.8 cents, up sharply on the 19.8 cents paid out for 2019. For 2018 the miner paid out 23.1 cents.
This increase in shareholder returns is "indicative of the ongoing strength of the group's operations and balance sheet, resilience of the business throughout the global Covid-19 pandemic and broader iron ore market conditions."
Shares in Ferrexpo were up 0.2% at 382.20 pence in London on Friday.
By Lucy Heming;Â lucyheming@alliancenews.com
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Ferrexpo (FXPO)