Glencore sees profits increase by 23% in first half of 2018

The Switzerland-headquartered mining firm, Glencore, has revealed its half year results, announcing its 23% increase in earnings.

The company’s earning before interest, taxes, depreciation, and amortization rose to US$8.27bn in the review period from $6.74bn in 2017.

Glencore’s net income hit $2.78bn in the six months ending June, a 13% rise from the previous year’s $2.45bn.

The company’s underlying earnings grew by 12% to $0.19 per share, compared to $0.17 last year.

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“The strength of our diversified business model and commodity mix is once again demonstrated with a 13% increase in net income and a 23% increase in Adjusted EBITDA to $8.3 billion,” said Ivan Glasenberg, the CEO of Glencore.

“Against a volatile but favourable trading and commodity price environment, Marketing performed towards the upper end of its guidance range with a 12% increase in Adjusted EBIT to $1.5 billion.”

“While broader market conditions are likely to remain volatile, confidence in our business prospects and current share trading levels point to near-term focus on deleveraging and shareholder returns / buybacks funded through cash generation.”

“We remain focused on creating value for shareholders through the disciplined allocation of long-term capital.”

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