Glencore Raises Shareholder Returns; Commodity Prices Boosted 1st Half Profit -- Update
05 Agosto 2021 - 04:00AM
Dow Jones News
By Jaime Llinares Taboada
Glencore PLC said Thursday that it will increase 2021
shareholder returns to $2.8 billion, as higher commodity prices
boosted profit and free cash flow in the first half of the
year.
The natural-resources major said that it will pay a $530 million
special cash distribution in September--equivalent to $0.04 a
share--and launch a $650 million share buyback to be completed by
the release of its full-year results next year.
The company made a net profit of $1.28 billion in the six months
to June, swinging from a $2.60 billion net loss a year earlier.
Adjusted earnings before interest, taxes, depreciation and
amortization jumped 79% to a new record of $8.65 billion in the
period, the company said.
Revenue rose 32% to $93.81 billion.
"Following Covid-19's severe global impacts in early 2020, the
subsequent economic recovery has seen prices of most of our
commodities surging to multi-year highs amid accelerating demand
and lingering supply constraints," Chief Executive Gary Nagle
said.
Glencore's marketing business performed well in this environment
and achieved adjusted earnings before interest and tax of $1.8
billion, Mr. Nagle said. However, this was 11% lower than a year
earlier, when the division benefited from exceptional oil trading
conditions.
The adjusted Ebitda for the industrial business more than
doubled to $6.6 billion, benefiting from strong metals prices and
expanded mining margins, he said.
Net debt as at June 30 was $10.62 billion, down from $15.84
billion at the end of 2020, and approaching the low end of
Glencore's $10 billion-$16 billion target range.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
August 05, 2021 03:00 ET (07:00 GMT)
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