Glencore says its HY net income down 62% due to lower commodity prices and inflationary pressures Glencore
- Global mining and metals giant Glencore today announced net income attributable to equity holders of $4.6 billion in H1 2023, a decline of 61% from H1 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. 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.
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