Article by Aditi Saha & Khushboo Joshi courtesy of Kalkine Media.
Highlights
- Rinehart’s Roy Hill made a record $4.4 billion profit as commodity prices and exports soared.
- Rinehart’s journey was not easy, as she was burdened by massive debt, but she eventually emerged from it. Within five years, she has repaid the entire US$7.2 billion debt.
- Even though the firm’s activities were severely hampered by wet weather and a corona pandemic, Roy Hill made a tremendous profit.
Gina Rinehart, an Australian mining baron and heiress, is ecstatic because her company, Roy Hill, generated a massive profit.
Rinehart’s journey was not easy, as she was burdened by massive debt, but she eventually emerged from it. Within five years, she had repaid the entire US$7.2 billion debt.
After going through a rough patch, Rinehart’s Roy Hill made a record $4.4 billion profit as commodity prices and exports soared, more than double its previous year’s earnings. The $5.6 billion payout was like a Christmas gift for Roy Hill’s shareholders.
What is Roy Hill’s outlook for 2021?
Every year, the mine exports around 60 million tonnes of iron ore. During the fiscal year 2021, profits were bolstered by rising iron ore prices. Therefore, we may evaluate the firm’s performance in this fiscal year by looking at the list below.
Bottom line
Even though the firm’s activities were severely hampered by wet weather and a corona pandemic, Roy Hill made a tremendous profit. Furthermore, the corporation was in dire financial shape a few years ago and was about to run out of cash. However, Gina Rinehart did not give up hope and turned her fortune from the enormous debt.
