Fenix posts $49m profit, declares dividend

Shares in Fenix Resources rose 12 per cent this morning after the iron ore producer declared a full-year profit and maiden dividend.

Fenix, which completed its first shipment earlier this year, reported revenue of about $114.4 million for fiscal 2021 and a net profit after tax of $49 million.

It comes less than a month after Fenix released its unaudited results to the market, with managing director Rob Brierley having said the business took advantage of robust iron ore prices.

Fenix sold nearly 501,000 wet metric tonnes of ore from its Iron Ridge mine in the Mid West from when it started production in December through until June 30.

Today, the company also declared its first dividend of 5.25 cents a share, representing almost a $25 million payout.

Fenix ended the financial year with $69 million in cash.

Its shares were up 10.3 per cent at 1:42pm AEST to trade at 32 cents each.