5 billion profit – Glencore is back in the black – News

  • 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”.

Shareholders can rejoice


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Glencore proposes a dividend of $0.26 per share. In the previous year, the raw materials group distributed 12 cents per share to shareholders despite a loss. After a strong half-year result, a special dividend of 4 cents was added.

In addition, the commodity giant is launching a new share buyback program of up to $550 million. Glencore started a buyback of up to $650 million in August. The company wants to reduce the share capital.

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.

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