- Mining group Glencore benefited from rising commodity prices in 2021.
- The group was thus able to recover from the 1.9 billion dollar losses that it had written in the crisis year 2020.
- The bottom line is that Glencore earned 5.0 billion US dollars in the 2021 financial year, as the mining company reports.
In the crisis year 2020, the company was in the red: the corona pandemic and extraordinary depreciation had weighed on the result.
Operationally almost doubled
Operationally, the company did significantly better in 2021. Adjusted operating profit EBITDA rose 84 percent year-on-year to $21.2 billion. Glencore had announced a group EBITDA of around 16 billion.
EBIT more than tripled to $14.5 billion. Sales have also recovered from the crisis year and are growing by 43 percent to $203.8 billion. According to Managing Director Gary Nagle, the good result was primarily due to the “increasing demand for metal and energy products”.
The group’s net debt has also developed positively, it is said. At the end of 2021, this was still 6.0 billion and has thus more than halved.
As previously announced, Glencore is the subject of a number of investigations by regulatory and law enforcement agencies in the US, UK and Brazil. The group expects the first results from the investigations in 2022. The group made a provision of 500 million dollars for this at the end of 2021.