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The world’s biggest mining company BHP (ASX:BHP) delivered a mixed half-year financial result.

BHP reported its attributable profit fell 20% in the 6-month ending 31 December 2020 to $3.88 billion, well below expectations.

Underlying attributable profit rose 16% from the prior period to US$6 billion, also missing market expectations of US$6.3 billion.

After the results came out – it’s clear the market focused on free cash flow hitting US$5.2 billion, thanks to higher commodity prices. BHP declared a US$1.01 dividend per share, equivalent to paying out 85% of underlying earnings. That’s a record, and 55% higher than the same time last year.

If you buy BHP shares before 4 March you’ll be eligible to the dividend paid on 23 March.

BHP noted that vaccines rollouts remove downside material risk to demand and pricing. BHP also expected commodity prices to rise supported by Chinese and global demand.

BHP shares rose 1% to $46.33 after the result and are in breakout from a technical perspective.

BHP is a UBS, Morgan Stanley, and Macquarie Buy, while it’s a Hold for Citi.