Daily Management Review

Glencore's net profit drops in 2018


The net profit of the commodity trader Glencore (Switzerland) in 2018 decreased 1.7 times to $ 3.4 billion, the company said. Simultaneously, the trader announced repurchase of shares.

The profit declined mainly due to non-cash impairments in Mutande and Mopani totaling $ 1.4 billion, compared with $ 1.3 billion return on investment.

Revenue grew by 7% to $ 219.8 billion, EBITDA grew by 8% to $ 15.8 billion. Net debt grew by 44% to $ 14.7 billion.

"We achieved these results in a complex operating environment," said Glencore CEO Ivan Glasenberg. “Today we are also announcing a new $ 2 billion buyback program, which will be valid until the end of 2019,” Glasenberg said. “We will actively look for opportunities to increase, in August or otherwise, market support, including automatically from target $ 1 billion disposal of non-core assets in 2019".

“Our product portfolio and its key role in ensuring energy transition and mobility for a low carbon economy allow us to look to the future with confidence and focus on creating sustainable long-term value for all of our shareholders,” said Glasenberg.

Founded in 1974 as Marc Rich & Co. AG and renamed Glencore International AG in 1994, the company has long remained in the shadow of global commodity markets, increasing trade in raw materials and buying production assets in the sector.

Headed by Glasenberg in the period from 2002 to 2011, Glencore has become one of the largest trading companies in the world with a large amount of production assets. In 2013, Glencore bought Xstrata, one of the largest mining companies in the world.

source: bloomberg.com

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