Fortress Minerals has reported revenue of US$53.5 million for FY2023 ended Feb 23, up 23.5% over the preceding year.
The higher revenue was attributed to a higher sales volume, but average selling prices. Earnings dropped by 9.2% to US$12.6 million.
The Malaysia-based but Singapore-listed miner plans to pay a final dividend of 0.8 cent, representing a payout ratio of 24.7%.
Fortress Minerals says it remains well-positioned to capture demand as economic activity in the region normalises.
The company is ramping up production at its operating mine, and is ready to commence exploration at other sites, starting next month.
"Backed by the strong sustained demand for our iron ore products and robust balance sheet bolstered by our recent placement, we remain well-positioned to continue our strategic growth plans and diversify our revenue streams," says CEO Ivan Chee.
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"These strategic growth initiatives will provide the potential to expand the Group’s commodities profile and maintain sustainable growth over the long term," he adds.
Chee notes the uncertain economic outlook but remains upbeat that demand for iron ore from steel mills across the region remains strong.
Furthermore, Fortress Minerals has in place offtake agreements which gives assurance of sales.
Fortress Minerals shares last traded at 39 cents.
