“Unprecedented developments in global energy markets have been key drivers for our commercial and industrial activities,” Glencore’s chief executive (CEO) said in a statement on Wednesday. Gary Nagle highlights the record profitability achieved by the group during the past financial year.
Revenue up by more than a quarter
According to unaudited figures, the group saw its revenue increase by more than a quarter (+26%) to 226 billion dollars (nearly 209 billion francs). The gross operating surplus (Ebitda), he jumped 60% to more than 34 billion. It was boosted by soaring coal prices and the additional two-thirds contribution from Colombia’s Cerrejon mine, acquired in January 2022.
Net profit attributable to shareholders more than tripled to a new record of 17.32 billion dollars (16 billion francs), or 1.33 dollars per share (EPS).
Securities buyback program
The multinational listed on the London Stock Exchange will propose the payment of a dividend of 0.44 dollars per share, as well as the launch of a share buyback program for a volume of 1.5 billion dollars. This will bring total shareholder compensation to $0.56 per share from $0.26 a year earlier.
For the current financial year, Glencore management stresses the risk posed by high inflation rates and the resulting tightening of monetary conditions, but expects demand to be supported by megatrends such as decarbonisation, electrification and now also energy security, without however putting forward any quantified objectives.
>> Glencore reinforces its status as one of the most maligned multinationals in the world:
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