Glencore to Pay $4.5 Billion of Top-Up Shareholder Returns as 1st Half Profit Soared
August 04 2022 - 2:48AM
Dow Jones News
By Jaime Llinares Taboada
Glencore PLC on Thursday reported a significantly improved
profit for the first half of the year and said that it will pay
$4.5 billion in 'top-up' shareholder returns.
The multinational commodity mining and trading group made a net
profit of $12.09 billion for the six months ended June 30, up from
$1.28 billion a year earlier, mainly reflecting the performance of
its coal business.
Adjusted earnings before interest, taxes, depreciation and
amortization jumped more than doubled to $18.92 billion, beating
the market consensus of $18.76 billion--provided by Visible Alpha
and averaged from eight brokers.
Glencore said that net debt was reduced to $2.31 billion in the
first half, allowing it to declare 'top-up' shareholder returns of
$4.5 billion. This includes a special distribution of $1.45
billion, or $0.11 a share, and a new share buyback of $3.0 billion,
or $0.23 a share. This lifts total 2022 shareholder returns to
around $8.5 billion, it said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
August 04, 2022 02:33 ET (06:33 GMT)
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