GLNCY Glencore Plc (PK)

By Jaime Llinares Taboada

Glencore PLC on Thursday reported record high earnings for the first half of the year. Here's what the natural resources mining and trading company had to say:

On market conditions:

"Following Covid-19's severe global impacts in early 2020, the subsequent economic recovery has seen prices of most of our commodities surging to multi-year highs amid accelerating demand and lingering supply constraints."

"Fiscal and monetary stimulus, successful vaccine roll-outs and increasing momentum in relation to decarbonisation of energy systems should continue to underpin sector sentiment going forward."

On the marketing business:

"Our marketing business excelled in this environment, recording Adjusted EBIT of $1.8 billion."

"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."

On the industrial business:

"In the Industrial business, Adjusted EBITDA of $6.6 billion was up 152%, benefiting from strong metals prices and expanded mining margins."

"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."

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

(END) Dow Jones Newswires

August 05, 2021 03:04 ET (07:04 GMT)

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