Home Business NewsBusiness Glencore profits triple on higher oil and coal prices

Glencore profits triple on higher oil and coal prices

by LLB Reporter
15th Feb 23 9:49 am

Commodities company Glencore has reported record annual profits, helped by high oil prices and record coal prices.

The company will reward its shareholders with $7.1bn (£5.8bn) in dividends and share buybacks.

Net profits more than tripled from $5bn in 2021 to $17.3bn in 2022, the FTSE 100 company reported on Wednesday. Its revenues rose 26% – or more than $50bn – to $256bn.

Oil trading profits were a big source of its profits, and its sales of coal benefited from record high prices.

Glencore’s chief executive, Gary Nagle, said: “The global pandemic, recovery from it and years of underinvestment, followed by conflict in Europe, exposed pre-existing vulnerabilities in energy security and supply chains, underpinning the generally high and volatile 2022 commodity price environment, which enabled the group to generate record profitability for the year.”

Leave a Comment

You may also like


Sign up to our daily news alerts

[ms-form id=1]