JOHANNESBURG (miningweekly.com) – Diversified mining and marketing company Glencore has delivered another strong operational and financial performance for the first half of the year.
The assets of the London- and Johannesburg-listed Glencore performed in line with market guidance, which alongside substantially higher period-over-period average prices for its core commodities and a favourable marketing backdrop, underpinned a material increase in earnings.
The first half of this year was characterised by the significant repricing of energy and, closely related, markets and risks, following escalation of the Middle East conflict.
“What began the year as a relatively well-supplied energy complex, quickly shifted towards a focus on security of supply and access to physical commodities. Constraints across oil, refined products, LNG and freight capacity, drove heightened volatility across global energy and other markets,” Glencore CEO Gary Nagle reported.
Against that backdrop, group adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) increased by 86% to $10.1-billion, while net income attributable to equity holders increased by more than $5-billion period on period to $4.4-billion.
