Article by John Stensholt courtesy of the Daily Telegraph.
Big $5.8bn profit for Hancock Prospecting
GINA Rinehart’s Hancock Prospecting mining giant has delivered the second largest financial result in its history, producing a bumper $5.8bn net profit.
The company’s 2022 result, contained in accounts for Hancock lodged with the corporate regulator on Wednesday, included big profits for Mrs Rinehart’s mining operations and investments such as a stake in rural holding Australian Outback Beef.
Hancock’s overall net profit fell from a record $7.3bn result last year, though the drop is due to falling iron ore prices. The company’s 2020 profit was $4bn. Hancock also paid $4.4bn in state and commonwealth taxes this year, and has paid $11.3bn over the past five years. The profit is several times larger than any other Australian-owned private company, and comes as Mrs Rinehart once again scours the market for acquisitions. Hancock has also announced a bid for Warrego Energy via subsidiary Hancock Energy, urging shareholders to accept its 23c pre share offer and saying it was superior to a 20c bid by Beach Energy.
