Glencore announced a payout of $7.1 billion to its investors on Wednesday, including a $1.5 billion share buyback, as strong oil and coal prices helped it post a record 2022 profit.
The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd WiegmannMetals and fossil fuels trading profit up 73% to record highannounced a payout of $7.1 billion to its investors on Wednesday, including a $1.5 billion share buyback, as strong oil and coal prices helped it post a record 2022 profit.
In preliminary 2022 results, the miner and trader said it cut net debt to $75 million at the end of the year from $6 billion at the end of 2021. Its adjusted earnings before interest, tax, depreciation and amortisation rose 60% to a record $34.1 billion, smashing a previous best of $21.3 billion a year earlier, in line with analysts' estimates.
"The global pandemic, recovery from it and years of underinvestment, followed by conflict in Europe, exposed pre-existing vulnerabilities in energy security and supply chains, underpinning the generally high and volatile 2022 commodity price environment, which enabled the Group to generate record profitability for the year," CEO Gary Nagle said.
Profit on metals and fossil fuels trading hit a record $6.4 billion in 2022, up 73%, though analysts see a repeat of that performance this year or next as unlikely.
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