Glencore’s profit fell due to lower prices for raw materials – Kommersant
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February 21 Swiss commodity trader Glencore presented preliminary results of its activities for 2023. The company’s total revenue was $217.8 billion, down 15% from 2022. Adjusted earnings before taxes, interest, depreciation and amortization (Adjusted EBITDA) – $17.1 billion, half as much as a year earlier. Net profit is $4.3 billion, four times less than the previous year ($17.3 billion).
The company explained the deterioration in performance by lower prices for raw materials, including oil. In 2022, amid the military conflict in Ukraine, prices increased significantly, which led to an increase in Glencore’s profits. However, in 2023, the energy situation returned to normal, which is why prices began to decline, so analysts expected falling company performance.
Glencore shares are down 9.8% in 2023. Today, in the first hours of trading, the Swiss company’s shares fell another 4%.
A Swiss trader will be able to close a deal to exit the capital of the Russian oil company RussNeft, more about this in the material “Glencore parted ways with Russneft”.
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