Consensus was for a dividend of $4.81.

The payout comprised an ordinary dividend of $7.93 per share and a special dividend of $2.47 per share.

Rio is returning a total $16.1 billion shareholders, which represents a 79% payout ratio.

Underlying EBITDA jumped 58% to $37.7 billion, just ahead of Macquarie's forecast of $37.4 billion.

Net profit after tax more than doubled to $21.1 billion, against Macquarie's forecast of $21.5 billion and below Citi's forecast of $23.9 billion.

Earnings per share increased by 72% to $1.321.

Free cashflow was $17.7 billion, up 88%.

"Overall, we achieved the strongest financials in our history," Rio CEO Jakob Stausholm told reporters this afternoon.

"Today's result highlights the underlying strength of our business."

The company's iron ore division continued to dominate, contributing $27.6 billion of underlying EBITDA, up 46%, and $17.3 billion of underlying earnings, up 52%.

At the end of December, Rio was in a net cash position of $1.6 billion.

Stausholm pointed out that 2021 marked three years without a fatality in the Rio busness, a first in the company's history.

He reiterated Rio's commitment to improving its relationship with traditional owners and rebuilding the company's culture.

"We are more humble and better listeners," he said.

"I hope that you can see that Rio Tinto is changing."

Rio shares closed 1.2% higher at $119.87.