Fortescue Metals Group Ltd (ASX: FMG) shares have been favourites among passive income investors over the past five years for the company's juicy fully franked dividends.

The S&P/ASX 200 Index (ASX: XJO) mining stock reported its half-year results for FY 2024 on 22 February, which included a big boost in its interim dividend.

Below, is a quick recap of the highlights, along with the passive income potential on tap from this ASX 200 dividend beast.

Fortescue shares enjoyed a lift after reporting some strong metrics for the six months ending 31 December (1H FY 2024).

Those included a 21% year on year increase in revenue to US$9.5 billion. And underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of US$5.9 billion was up 36% from the prior corresponding half year.

This helped drive a 41% increase in net profit after tax (NPAT), which came in at US$3.3 billion for the six months.

This saw management declare a fully franked interim dividend of AU$1.08 per share, up a whopping 44% from the prior interim dividend.

The interim dividend represents a 65% payout of the ASX 200 miner's H1 FY 2024 NPAT. That's in line with Fortescue's dividend policy to pay out 50% to 80% of its full-year underlying NPAT.

Eligible investors (those who held Fortescue shares at market close on 27 February) will have seen that passive income hit their bank accounts on 27 March, right on time for the Easter holiday break.

Commenting on the boosted interim dividend at the time, Fortescue CEO Dino Otranto said, "The strength of our operating and financial performance and our commitment to deliver returns to shareholders has resulted in the board today declaring a fully franked interim dividend of AU$1.08 per share, representing a 65% payout of first half net profit after tax."

Otranto added:

Whether it's through our first green energy projects, our diversification into the high-grade segment of the iron ore market through Iron Bridge, or expansion of our global footprint with the Belinga Iron Ore Project in Gabon, we remain committed to creating value for all our stakeholders.

Fortescue shares also delivered a final dividend of $1.00 per share, which was paid out on 28 September. The total payout amounted to US$2.0 billion.

All told then, the ASX 200 miner paid a total of $2.08 per share in passive income over the past 12 months.

At the recent share price of $24.88, that works out to a fully franked trailing yield of 8.4%.

Now future dividends may be higher or lower based on a range of company-specific and macroeconomic factors.

But based on these dividend payouts, a $6,000 investment today would net me $501.60 in annual passive income.

Of course, we'll be hoping for some share price gains as well.

The Fortescue share price is up 13% over the last year and up 218% over five years.

If you're thinking about buying Fortescue shares for passive income, make sure to do your own research first. Or simply reach out for some expert advice.