By Jaime Llinares Taboada

 

Glencore PLC on Thursday reported a significantly improved profit for the first half of the year and said that it will pay $4.5 billion in 'top-up' shareholder returns.

The multinational commodity mining and trading group made a net profit of $12.09 billion for the six months ended June 30, up from $1.28 billion a year earlier, mainly reflecting the performance of its coal business.

Adjusted earnings before interest, taxes, depreciation and amortization jumped more than doubled to $18.92 billion, beating the market consensus of $18.76 billion--provided by Visible Alpha and averaged from eight brokers.

Glencore said that net debt was reduced to $2.31 billion in the first half, allowing it to declare 'top-up' shareholder returns of $4.5 billion. This includes a special distribution of $1.45 billion, or $0.11 a share, and a new share buyback of $3.0 billion, or $0.23 a share. This lifts total 2022 shareholder returns to around $8.5 billion, it said.

 

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

 

(END) Dow Jones Newswires

August 04, 2022 02:33 ET (06:33 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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