The result was driven by record iron ore shipments.
Underlying EBITDA almost doubled to $16.4 billion; net cashflow from operating activities was $12.6 billion and free cashflow was $9 billion, after capital expenditure of $3.6 billion.
The establishment of Fortescue Future Industries was seen as a cornerstone development as the company aims to use green ammonia, hydrogen and electricity in decarbonising its scope 1 and 2 emissions by 2030.
"FFI will be a key enabler of this target through a forward-looking approach to ensuring our capital investments in decarbonisation are aligned with strategic decisions such as fleet renewal," FMG CEO Elizabeth Gaines said.
The company will spend an additional $400-600 million on FFI, out of total capex of $2.8-$3.2 billion, compared to the $122 million it spent on FFI in FY21. Its policy is to allocate 10% of net-profit after tax to FFI.
FMG said next month it would establish a framework for approaching scope 3 emissions, something it has previously declined to do.
"As we execute on our strategy to become a global leader in the battle against climate change we will establish goals to tackle emissions across our value chain with specific targets, and a framework for our approach to scope 3 emissions," Gaines said.
In the company's climate change report, it said despite the logistical challenges of reducing scope 3 emissions, it would work with its customers to develop and trial technologies that would reduce emissions from steel making and work to reduce the emissions intensity from shipping its iron ore.
The company said it would effectively reduce its net emissions to 50% below its projected business-as-usual emissions by FY25, from its FY20 baseline.
It plans to do so, in the first part of the decade, by increasing renewable energy to power its mine sites as well as using offsets to address residual emissions where economically viable decarbonisation opportunities and technologies are unavailable.
"Where the technology required to decarbonise our mining fleet is not readily available, we are making significant investments in research and development and partnering with others to develop the technology needed to advance in these areas," the company said.
Since it was established last year, FFI has focussed on securing a portfolio of renewable assets to produce green hydrogen, with company representatives visiting over 50 countries and signing deeds of agreements with multiple countries; including Papua New Guinea, Indonesia, Kenya and Ethiopia.
It has also entered into a number of technology agreements, including a deal with Hyundai and the CSIRO to accelerate the commercialisation of metal membrane technology and demonstrate the viability for renewable hydrogen production and vehicle refuelling in Korea.
The company said it had around 300 employees working with FFI in areas like energy, hydrogen and manufacturing.
The company plans to supply over 15 million tonnes of green hydrogen per annum by 2030.
FMG declared a fully franked final dividend of A$2.11 per share.
