Billionaire Andrew Twiggy Forrest just had a $207 million payout.
That’s his share of the 20 cent a share dividend just announcement by his Fortescue Metals, a result fuelled by rising iron ore prices.
Compare that to the same six months last year when dividends were just 3 cents a share and Forrest’s payout was $31 million.
Forrest owns one-thirds of Fortescue, the pure play iron ore miner he founded. That presents more than one billion shares he holds personally or through his private company Minderoo Group Pty Ltd.
At today’s share price of $7.02, his holding is worth almost $7.3 billion.
The Perth-based Fortescue today posted a 283% rise in net profit to $US1.2 billion for the half year to December. Revenue climbed 34% to $US4.5 billion.
The result was on the back of an 80% rise in iron ore prices last year thanks to Chinese stimulus that boosted steel output.