Glencore Profits Soar Amid Commodities Rally -- Commodity Comment
August 05 2021 - 3:15AM
Dow Jones News
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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