Glencore CEO won’t ‘fix what’s not broken’ as earnings soar

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 63%

Ireland News News

A strong financial result has translated into handsome returns for shareholders worth $2.8bn

Glencore’s hot seat proved to be more of a warm embrace for its new, SA-born CEO Gary Nagle on Thursday when he presented a strong set of results on the back of roaring commodity prices, which spurred the resources group’s interim earnings to record highs and saw shareholders rewarded with $2.8bn in returns.

For the half-year ended in June, Glencore posted a record $8.7bn in adjusted earnings before interest, tax, depreciation and amortisation , marking a 79% increase from $4.8bn in the first half of 2020. Cash generation was also strong, with funds from operations almost doubling to $7.3bn. Strong free cash flows allowed the company to deleverage its balance sheet quicker than expected, with net debt dropping from $15.8bn in December to $10.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines