Rio Tinto raised its interim dividend after reporting a 47% jump in first-half profit, fueled by higher commodity prices, increased production, and productivity gains. The world's second-biggest miner by market value said it earned a net profit of $6.66 billion in the six months through June, up from $4.53 billion a year earlier. The figure marks the company's highest first-half net profit since 2022.

Underlying earnings rose 43% from a year earlier to $6.85 billion, topping the $6.61 billion consensus estimate collated by Visible Alpha. Rio Tinto's board declared an interim dividend of $2.11 a share, which the miner said was equal to 50% of underlying earnings.

The strong results reflect improved operational performance across the portfolio, with the productivity drive helping offset cost inflation. Management highlighted that the dividend policy remains disciplined, targeting a payout ratio of 40-60% of underlying earnings through the cycle.