DFD Rhodes posts slightly weaker result with $86m profit

It has been slightly softer year for DFD Rhodes after bumper profits in recent years, with the family office reporting an $86 million profit largely on the back of iron ore royalties.

The family company established by Pilbara mining pioneer, the late Don Rhodes, has reported the profit after tax for the year to June 2025 was 10 per cent below last year’s $95.9 million, according to annual accounts lodged with the Australian Securities and Investments Commission.

Revenue for the past financial year was $127.5 million, down from $154.4 million in the previous corresponding period.

Net assets for the year ending June 30 2025 were $698 million, up almost 11 per cent from $631 million in 2024.

Led by chief executive Matthew Keady, the company’s main source of income is iron ore royalties, which were down 25 per cent to $106.9 million from $142 million.

Agricultural revenue more than doubled to $13.9 million from $5 million, while rental income was up slightly to $6.8 million.

Dividends paid to the shareholders remained steady at $19.2 million.

DFD Rhodes is one of four private Western Australian companies, along with Hancock Prospecting, Wright Prospecting and Perron Group, that continue to reap huge benefits from royalty deals negotiated in the 1960s with Hamersley Iron, now part of Rio Tinto.