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Company announces a payout of $7.1 billion to its investors on Wednesday, as high oil and coal prices helped it to post a record annual profit
Glencore announced a payout of $7.1 billion to its investors on Wednesday, as high oil and coal prices helped it to post a record annual profit, but it said the rising costs of producing minerals could dent future earnings.
In preliminary 2022 results, the miner and trader said it cut net debt to $75 million at the end of the year from $6 billion at the end of 2021.
Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose 60 per cent to $34.1 billion, smashing a previous record of $21.3 billion a year earlier, in line with analysts’ estimates.
Glencore Chief Executive Gary Nagle said the high and volatile commodity price environment, driven by factors including the pandemic, under-investment, supply chain vulnerabilities and conflict in Europe, enabled the record result.
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