Glencore Returns $1.18 Billion to Investors on Record Profit

Bloomberg2021-08-05

Commodities giant announces dividend, share repurchase Trading business reports core earnings of $1.8 billion Glencore Plc will pay out $1.18 billion through dividends and share repurchases after ...

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Producers and traders are cashing in after a broad rally in commodity prices in the first half, as governments around the world unleashed trillions of dollars in stimulus packages to help the global economy emerge from the pandemic, boosting demand for raw materials.\n“The subsequent economic recovery has seen prices of most of our commodities surging tomulti-year highs amid accelerating demand and lingering supply constraints,” said Chief Executive Officer Gary Nagle, who succeeded long-time boss Ivan Glasenberg at the end of June. “Fiscal and monetary stimulus, successful vaccine roll-outs and increasing momentum in relation to decarbonisation of energy systems should continue to underpin sector sentiment going forward.”\nThe world’s biggest commodities trader reported core earnings of $8.65 billion for the period, compared with $4.83 billion a year earlier. The company said in a statement Thursday it would pay $530 million in dividends and buy back $650 million worth of shares. Glencore said its net debt fell to $10.6 billion, at the bottom of its long-term range.\nThe company’s powerful trading business benefited from the volatility in commodities markets, with core profit of $1.8 billion, almost on a par with the record $2 billion it reported last year. While trading earnings in the first half of 2020 were driven by energy, more than half of this year’s earnings came from metals and minerals as prices surged for commodities from copper to aluminum.\nGlencore said last week that trading profit was expected to hit the top end of its guidance range of $2.2 billion to $3.2 billion this year, which would bring earnings from the trading business close to the record $3.3 billion for 2020.\nStill, despite the record earnings, Glencore’s returns to shareholders are dwarfed by the amounts being paid out by its rivals. Rio, Anglo and Vale SA all benefited from surging iron ore prices, a commodity that Glencore doesn’t produce. The company’s mines, which posted profits of $6.6 billion, have also seen some operational setbacks and Glencore last week lowered production forecasts for some commodities.\nGlencore took $862 million of writedowns for the period, including $625 million on its troubled Koniambo nickel project in New Caledonia. The company plans a “thorough review” of the asset over the next six to 12 months, Nagle said Thursday.\nGlencore also booked $216 million of legal related costs for the first half, which it said included provision for “one specific narrow aspect” of probes it’s facing from several regulatory and enforcement authorities around the world. While thin on details, it’s the first time the company has set aside money for the investigations, which include probes by the U.S. Department of Justice, the U.K. Serious Fraud Office and Brazilian authorities.\nLast month, a former U.K-based oil trader at Glencorepleaded guiltyin the U.S. to participating in an internationalschemeto bribe officials in Nigeria to win favorable treatment from the state-owned oil company.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":16,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1101911009"}