Fortescue Metals Group has more than doubled its full-year profit and final dividend after iron ore production exceeded its annual guidance and prices surged in the second half of the year.

The world’s fourth-largest iron ore miner reported a full-year net profit of $US10.3 billion ($14.1 billion), a 117 per cent jump from a year earlier.

Revenue for the 12 months to June 30 surged 74 per cent to $US22.3 billion, largely reflecting the 72 per cent increase in the average price it earned for its ore.

Fortescue declared a final dividend of $2.11 a share, more than double what it paid a year ago, bringing its total dividend to a fully franked $3.58 a share.