Glencore says full-year results 'best ever'

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Glencore says full-year results 'best ever'

The commodity trader and miner headed by billionaire Ivan Glasenberg delivered the best trading results since the commodities supercycle peak in 2008, with Ebit of $3 billion.

"Our performance in 2017 was our strongest on record, driven by our leading marketing and industrial asset businesses", Glasenberg said in the statement.

Glencore's full-year EBITDA (earnings before interest, tax, depreciation and amortisation) was up 44 per cent in line with expectations compiled by Thomson Reuters.

During the depths of the commodity crash of 2015-16, Glencore was among the worst hit, but it has made the strongest recovery and was the best performing major miner on the FTSE past year.

It recommended a 2018 distribution payout of $2.9 billion or $0.20/share, in two equal payments.

As the easier access to resources diminishes, Glasenberg says there is no option but to have the courage to tackle hard environments.

In contrast to its major peers, Glencore has significant operations in Democratic Republic of Congo, which is home to around two thirds of the world's cobalt, a vital component in electric auto batteries.

As of 10:20 GMT, Glencore's share price had added 3.94 percent to 399.55p, outperforming the broader United Kingdom market, with the benchmark FTSE 100 index having slipped into the red and now standing 0.28 percent lower at 7,226.67 points. Glencore profited from resurgent prices for copper, nickel, zinc and cobalt, all trading at multi year highs. The commodity giant further managed to lower its net debt by 31 percent to $10.67 billion.

Referring to Glencore's ability to capitalise on an upturn in electric vehicles and energy storage systems, he said: "We see Glencore as nearly uniquely positioned in this regard".

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