By Jaime Llinares Taboada

Glencore PLC said Tuesday that it will return $4.0 billion to shareholders after reporting record 2021 earnings on the back of higher commodity prices.

The Anglo-Swiss commodity mining and trading major declared a base distribution of $3.4 billion, or $0.26 a share, in respect of 2021 cash flows, and a $550 million share-buyback program.

Glencore reported record adjusted earnings before interest, taxes, depreciation and amortization of $21.32 billion for 2021, up from $11.56 billion in 2020 and slightly above market consensus of $21.24 billion, compiled by the company and based on 15 analysts' estimates.

Full-year net profit was $4.97 billion compared with a $1.90 billion loss a year earlier.

"In spite of the ongoing challenges of Covid-19, 2021 was an extraordinary year for Glencore, reflecting rising demand for our metals and energy products, record adjusted Ebitda and the transition to new leadership," Chief Executive Gary Nagle said.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

February 15, 2022 02:27 ET (07:27 GMT)

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