© Reuters. FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company’s headquarters in Baar, Switzerland, September 30, 2015. REUTERS/Arnd Wiegmann/File Photo
By Clara Denina and Zandi Shabalala
LONDON (Reuters) -Glencore will return $2.8 billion to shareholders in 2021 after soaring commodity prices helped the mining and trading company to a record performance for the first six months of the year, it said on Thursday.
The London-listed company’s first-half adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 79% to a record $8.7 billion, compared with $4.8 billion a year earlier, beating the $8.4 billion expected by analysts polled by Refinitiv.
Glencore (OTC:) joins rivals Rio Tinto (NYSE:) and Anglo American (LON:) in declaring bonanza shareholder payouts after record half-year profits powered by higher commodity prices.
Glencore declared a 2021 dividend of $2.8 billion, including a special dividend of $0.04 cents per share, or $500 million to be paid in September and will buy back $650 million in shares.
“Following COVID-19’s severe global impacts in early 2020, the subsequent economic recovery has seen prices of most of our commodities surging to multi-year highs amid accelerating demand and lingering supply constraints,” said Glencore CEO Gary Nagle, who took the helm of the company in July.
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