The company posted an underlying net profit after tax of $430 million, up 233%, and statutory NPAT of $519 million included $26 million of post-tax impairment charges in relation to intangibles, plant and equipment and inventory.
Underlying EBITDA jumped 131% to $763 million, while statutory EBITDA was $927 million.
Operating cashflow more than doubled to $516 million.
Mineral Resources managing director Chris Ellison described 2020 as a "fairly solid year".
The strong result was driven by growth in the mining services division, a 17% increase in iron ore shipments to a record 7.9 million tonnes, stronger iron ore pricing, and record lithium production of 262,264 dry metric tonnes.
MinRes declared a fully franked interim dividend of $1 per share, up 335%.
Guidance for FY21 for the commodities business is iron ore exports of 19.5-20.5Mt and lithium exports of 450,000-475,000t.
The mining services business is expected to grow by 20-25% this financial year alone and "at least double" in the next three years.
"So we've got some work to do," Ellison said.
Capex for FY21 is estimated to be $600 million.
The company had $1.1 billion cash at the end of December and net debt of $75 million.
Shares in MinRes fell 1.2% to $36.55. The stock hit an all-time high of over $40 in December.