The skyrocketing prices for oil, coal and metals have allowed Glencore, which posted better-than-expected annual results on Tuesday, to declare a 12 cents per share dividend worth nearly $ 1.6 billion.
Given the current high level of Glencore's operating cash flow ... The Board of Directors will consider a special additional distribution of profits to shareholders until 2021, together with interim results in August, "said CEO Ivan Glazenberg, who will be one of the largest dividend recipients.
63-year-old Ivan Glazenberg, who served as CEO of Glencore for 18 years, is stepping down from his post and will be replaced by Gary Nagle, 45-year-old head of the company's coal assets, which marks a transition to a younger generation of business leaders. Glazenberg will retain a stake of nearly $ 4 billion.
The resumption of dividend payments, suspended at the height of the pandemic last year, comes amid rising commodity prices, leading to higher profits and share prices in the mining sector. Glencore's capitalization is up 150% from its March 2020 low.
Some major Wall Street banks believe that commodities are in the first phase of a new sector-wide bull market, fueled by government spending on green infrastructure and fighting income inequality.
Glencore said Tuesday that adjusted earnings before interest, taxes, depreciation and amortization - a figure monitored by analysts - was $ 11.6 billion in the year to December, unchanged from a year ago, on revenue of $ 142 billion. dollars. Profit was about $ 1 billion higher than analysts' forecasts.