Daily Management Review

Rio Tinto’s 2023 profit down by 19% amid falling aluminum prices


02/22/2024


Rio Tinto, an Australian miner, reduced its net profit in 2023 from a revised $12.39 billion to $10.06 billion. This represents a 19% reduction.



Rio Tinto’s 2023 profit down by 19% amid falling aluminum prices
The company noted in a press release that underlying profit, which takes into account a variety of one-time variables, decreased to $11.76 billion from $13.36 billion.

A reduction in the price of raw materials, such as copper (down 3%), and aluminum (down 17%), had a detrimental effect on finances.

According to Visible Alpha, analysts' average estimate of Rio Tinto's underlying earnings was $11.64 billion.

The total dividend payout for the previous year will be $7.1 billion.

source: tradingeconomics.com