Ivan Glasenberg. (AFP)
Glencore reinstated its dividend on the back of record trading profits as the world’s biggest commodity trader reports its final results under the leadership of billionaire Chief Executive Officer Ivan Glasenberg.
The company benefited from profitable bets on volatile oil swings in the first half of the year, and copper earnings jumped after prices soared. It’s also seeing a turnaround at the long-troubled African copper business.
Glencore will pay a $1.6 billion dividend and said it could increase returns later this year should commodity prices hold up. The company reported $3.3 billion in earnings before interest and tax at its trading business and lowered debt to back within its target range. Core earnings for the full year were $11.6 billion.
Glencore reinstates dividend ahead of Glasenberg exit
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Published 2 months ago
By Helen Reid and Zandi Shabalala
JOHANNESBURG/LONDON (Reuters) – Glencore reinstated its dividend and flagged possible further payouts on the back of strong commodity prices as billionaire Chief Executive Ivan Glasenberg prepares to hand over the reins of the trading and mining giant.
Having scrapped its dividend in August after a pandemic-driven first-half loss, Glencore recommended a distribution of $0.12 per share for 2021, representing a bigger than expected total payout of $1.6 billion.
Shares in the company jumped 2.8% to 291 pence by 0950 GMT, making it the biggest gainer in an index of its peers in London.
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