Glencore plans further $1.18B return to shareholders following strong H1 results

Thu, 5th Aug 2021

Mining giant Glencore unveiled a plan to return a further $1.18 billion to shareholders via dividend and stock buybacks following a jump in core earnings in the first half of the year thanks to rising commodity prices. For the six months ended June 30, adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA jumped 79% to a new record of $8.65 billion year-on-year, as revenue rose 32% to $93.81 billion. The company announced additional cash distribution of about $530 million, and a $650 million share buyback. 'In contrast to the outsized oil earnings that dominated last year's record first-half results, strong trading performances were delivered by all key commodity teams during this year,' the company said. 'In the industrial business, adjusted EBITDA of $6.6 billion was up 152%, benefiting from strong metals prices and expanded mining margins,' it added. 'While our coal business was impacted by relatively weak pricing and lower volumes earlier in the year, we anticipate a significantly improved finish to 2021, buoyed by the strong recovery in both thermal and coking coal prices from Q2.' Story provided by StockMarketWire.com

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