The Hancock Prospecting Group posted one of the largest profit margins for private companies in the country with revenue up from $10.5 billion to $16.6 billion. The company paid $2.7 billion in taxes for the year.
It’s Gina Rinehart’s world and we’re just living in it. Hancock Prospecting, majority owned by Australia’s richest person Rinehart, was far and away the most profitable private company in Australia in FY21 and among the most profitable in its corporate history.
Gina Rinehart’s private company has posted an 80 per cent jump in profit on the back of higher iron ore prices while also revealing big gains from its shares portfolio. Hancock Prospecting announced today its net profit after tax had increased to $7.3 billion for the year to June 2021. That’s up from $4.1 billion in the prior year and just $443 million in FY16.
The result for the billionaire’s mining and investment company is just shy of the $8.8bn net cash profit recorded by the Commonwealth Bank, the biggest company on the ASX, for the 2021 financial year. In a statement, Hancock said: “Under its dedicated leadership, Hancock is one of the most successful private companies in Australia’s history, and the most successful private mining and agriculture company in Australia’s history. “It is also one of the most successful private mining companies in the world. Our staff are rightly proud of these achievements.”
The Hancock Prospecting Group (HPPL) has again recorded an outstanding and strongly improved net profit after tax from operations for the year ended 30 June 2021, an increase of some 80% over the previous year.
Discussion in relation to Gina Rinehart suggested innovations of change to the aged pension system.
It also sets the scene for Hancock to reveal what will almost certainly be the biggest profit for a private Australian company later this year. Mrs Rinehart said the importance of mining to Australia had “never been more evident during (2021), a time in which I am immensely proud of Atlas and our people and their contribution to safeguarding the economic prosperity of WA and Australia. When mining does well, so does Australia.”
Atlas operates the Mt Webber mine 230km from Port Hedland in WA and the newly commissioned Sanjiv Ridge mine that had its first shipment in the 2021 finance year. The Atlas profit comes after Mrs Rinehart’s huge Roy Hill mine served up a massive $4.4bn net profit for the year to June 30, double the $2.2bn it made last year, from the shipping of about 60 million tonnes of iron ore in 12 months.
Ms Rinehart, used the release of Atlas’ results to warn that an “efficient and effective” frame work for the development of new projects free of duplication would be vital to attract the money needed to build the mines of the future. “When mining does well, so does Australia,” she said. “We just have to remember that Australia exports its ore internationally, so we have to be cost competitive internationally, hence we should be wary of onerous government cost burdens, that don’t encourage investment.” Atlas chief executive Sanjiv Manchanda said the iron ore sector had propped up Australia’s economy during the pandemic.
Atlas Iron has delivered billionaire Gina Rinehart almost $1.5bn in profits in only three years, since she beat fellow mining magnates Andrew Forrest and Chris Ellison to acquire the junior miner for $427m. The Pilbara iron ore miner’s net profit soared by 146 per cent to $938m for the 2021 financial year thanks to soaring commodity prices and increasing production, financial results lodged with the corporate regulator on Tuesday revealed.“ Australia exports its ore internationally, so we have to be cost competitive internationally, hence we should be wary of onerous government cost burdens that don’t encourage investment. It’s time we put greater priority on reducing government tape, and our government in turn, put greater priority on that welcoming investment,” she said.
This is an edited version of a speech by Gina Rinehart given for National Agriculture and Related Industries Day.
