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(Kitco News) - Global mining and metals giant Glencore (LSE: GLEN) today announced net income attributable to equity holders of $4.6 billion in H1 2023, a decline of 61% from H1 2022 ($12.1 billion).
The company also said its group adjusted EBITDA of $9.4 billion in H1 2023 was down 50% compared to H1 2022, “reflecting the normalization of primarily energy market imbalances and volatility from the extreme levels seen in 2022.”
According to a press release, the company’s industrial assets adjusted EBITDA of $7.4 billion in H1 2023 was down 51% year-over-year, impacted primarily by lower pricing, particularly in coal, as well as inflationary cost impacts across the asset base.
Adjusted EBITDA mining margins were 25% in Glencore’s metals operations and 50% in energy operations, compared to 43% and 66% respectively during H1 2022.
CEO Gary Nagle commented, “Against the backdrop of a normalization of commodity market imbalances and volatility, primarily across the energy spectrum, our marketing and industrial segments posted a healthy earnings performance, delivering group adjusted EBITDA of $9.4 billion, cash generated by operating activities of $8.4 billion and net income attributable to equity holders of $4.6 billion.
“Our shareholder returns framework of managing net debt, in the ordinary course of business, around a $10 billion cap, with deleveraging periodically returned to shareholders, informed today’s announcement of additional “top-up” returns of c.$2.2 billion, lifting total announced shareholder returns this year to c.$9.3 billion.”
Glencore is one of the world's largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. Glencore companies employ around 140,000 people, including contractors. Glencore's ambition is to be a net zero total emissions company by 2050.
