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Glencore posts massive swing to profit in H1 on higher commodity prices


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Essential Metals & Mining Insights - January 2021

Industry Top Trends 2021: Metals and Mining

Glencore posts massive swing to profit in H1 on higher commodity prices

Glencore Plc swung to a net income attributable to shareholders of US$2.45 billion, or 17 U.S. cents per share, in the first half of the year, from a year-ago loss of US$369 million, or 3 cents apiece, as commodity prices improved year over year.

Revenue for the Switzerland-based mining giant surged to US$100.29 billion in the six months, up from the year-ago revenue of US$69.43 billion, despite lower overall production in the half.

Cost of goods sold increased to US$96.54 billion in the half, from US$68.82 billion a year ago, according to the company's Aug. 10 earnings release.

The half-yearly adjusted EBITDA jumped 68% to US$6.74 billion while adjusted EBIT surged 334% to US$3.80 billion on a yearly basis, mainly on the back of higher commodity prices.

EBITDA for the metals and minerals segment increased 46% year over year to US$4.7 billion. The energy products segment achieved a 157% surge in EBITDA to US$2.18 billion.

The company's marketing segment saw its EBIT rise 13% to US$1.4 billion. Reflecting the year-to-date performance, the company increased the full-year marketing earnings guidance range by US$100 million, to between US$2.4 billion and US$2.7 billion.

Funds from operations surged 88% on a yearly basis to US$5.2 billion.

The diversified miner recognized a US$633 million income tax expense during the first half, compared to an income tax benefit of US$51 million in the year-ago period.

Capital expenditure in the half increased 7% year over year to US$1.68 billion.