Australia's wealthiest person, Gina Rinehart, has earned an eye-watering sum from her private company Hancock Prospecting in FY24.
The firm – also Australia's largest private company – reported a net profit of $5.57 billion for the year, which was one of its best years to date.
Hancock Prospecting's top-line revenue hit $14.73 billion in a challenging year for the mining sector. This is second only to its 2021 record. Lets take a closer look.
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Gina Rinehart books enormous profit
Gina Rinehart has been among Australia's wealthiest people for some time now. Even still, Hancock Prospecting's numbers in FY24 are simply astounding, if not for anything but their sheer size.
Iron ore continues to be Hancock's backbone. It shipped a massive 96 million tonnes during the 2024 financial year.
The Roy Hill mine alone set a record, exporting 64 million tonnes and generating a $3.2 billion profit. Hancock, as a 70% owner, took $2.8 billion.
In partnership with Rio Tinto Ltd (ASX: RIO), the Hope Downs project contributed another 44 million tonnes and nearly $1.5 billion to Hancock's profit.
Meanwhile, Hancock's fully owned Atlas Iron subsidiary also added $440 million, making iron ore the linchpin of Hancock's results once more.
But while iron ore fuels Hancock's success, Gina Rinehart has been expanding into other sectors.
Recently, Hancock acquired gas assets in the Perth Basin from Mineral Resources Ltd (ASX: MIN) for $1.13 billion.
Hancock also grew its agricultural and retail investments throughout the year.
Through its Australian Outback Beef division, Hancock owns S Kidman & Co., one of Australia's largest landholders, which generated around $44 million in revenue.
Further retail acquisitions include iconic brands Rossi Boots and Driza-Bone, with the launch of Kidman Apparel and Hats, along with a flagship store in Tamworth, NSW.
Strong balance sheet and dividends
Hancock Prospecting's financials paint the picture of a medieval bastion protecting a castle of valuable mining and retail.
The company holds approximately $41 billion in net assets with only $360 million in debt, creating an equity position of more than $40.5 billion.
Hancock also provided around $553 million in dividends to Gina Rinehart and her children this year, distributed through The Hope Margaret Hancock Trust, which owns a 24% stake in the company.
Rinehart joins the likes of fellow Aussie billionaire James Packer, whose family office booked a nearly $600 million profit in FY24 as well.
Safe to say, it was a good year for Australia's billionaires in FY24.
Foolish takeout
With continued investment in mining, agriculture, and gas, Gina Rinehart continues to hold the mantlepiece as Australia's wealthiest person.
What's more, Hancock Prospecting shows no signs of slowing down after its FY24 results.
And whilst it's hard not to be envious, the pragmatic in me interprets Hancock's FY24 numbers as a good sign for the outlook of Australia's resources and retail sectors.
