Glencore has posted an 84% jump in earnings thanks to a growth in global commodity prices.
The group announced earnings of $21.3bn compared to 2020 levels.
“In spite of the ongoing challenges of Covid-19, 2021 was an extraordinary year for Glencore, reflecting rising demand for our metals and energy products, record Adjusted EBITDA and the transition to new leadership,” said boss, Gary Nagle.
“Against the strong commodity backdrop, and leveraging the unique combination of our transition and energy commodities, along with the global reach and scale of our marketing business, the Group delivered an 84% increase in Adjusted EBITDA to $21.3 billion.”
“Marketing delivered another robust performance, with Adjusted EBIT up by 11% to $3.7 billion, while multi-year or record high prices for many of our commodities, underpinned the 118% jump in Industrial Adjusted EBITDA to $17.1 billion. Net income attributable to equity holders was $5.0 billion.
Nagle also said that the jump in earnings reduced debt at Glencore and would allow a $4bn payout to shareholders.
