The raw materials trading and mining group Glencore earned significantly less in 2023 after the massive increase in profits in the previous year.
The bottom line was that Glencore had a net profit of $4.3 billion after $17.3 billion in the previous year.
International energy trade flows have normalized and raw material prices have fallen, the mining company said.
Against this background, the result was lower, but “healthy,” explained Glencore. And increasing demand from China has offset certain weak demand in established markets.
Legend:
Glencore has had a good year despite a slump in profits.
Keystone/URS FLUEELER
Shareholders are to receive a base distribution of $0.13 per share, which will be paid out in two equal tranches in June and September. In the previous year this was $0.40 per share. There was also a special distribution of $0.04 per share. The now lower payout must also be seen in the context of the billion-dollar takeover of the Canadian Teck coal business.
From an operational perspective, business also returned to normal. Adjusted EBIT was $10.4 billion. That is 61 percent less than in the exceptional year of 2022. However, at 271.8 billion, sales were only 17 percent lower than in the previous year.
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