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Glencore posts sharp first-half profit jump on stronger commodity prices
Revenue rose 49% to $174.4 billion, and net income swung to $4.4 billion as adjusted EBITDA surged 86%.
Glencore reported a sharp jump in first-half earnings, citing stronger commodity prices and a surge in trading profits as it navigated disruptions across energy and shipping markets. Yahoo Finance said revenue increased 49% to $174.4 billion, while adjusted EBITDA climbed 86% to $10.1 billion.
The company’s net income swung to $4.4 billion from $655 million a year earlier, supported by a marketing division that benefited as Middle East conflict reshaped oil, LNG, and shipping markets. Adjusted EBIT in the marketing business rose 142% to $3.3 billion, reflecting volatility that boosted profit opportunities, Yahoo Finance added.
Glencore also pointed to performance in its industrial business, where adjusted EBITDA rose 72% to $6.5 billion, aided by higher prices for copper, coal, and other commodities. The company said costs and supply-chain disruption remained a drag.
Alongside the results, Glencore announced about $1.5 billion of additional shareholder returns, including a special cash distribution and a $500 million buyback. Yahoo Finance also noted the company plans to seek a secondary listing on the Australian Securities Exchange, targeting admission in October.
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