By Jaime Llinares Taboada

 

Glencore PLC said Thursday that it will increase 2021 shareholder returns to $2.8 billion, as higher commodity prices boosted profit and free cash flow in the first half of the year.

The natural-resources major said that it will pay a $500 million special cash distribution in September, equivalent to $0.04 a share, and launch a $650 million share buyback to be completed by the release of its full-year results next year.

The company made a net profit of $1.28 billion in the six months to June, swinging from a $2.60 billion net loss a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization jumped 79% to $8.65 billion in the period, the company said.

 

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

 

(END) Dow Jones Newswires

August 05, 2021 02:36 ET (06:36 GMT)

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