The commodities giant Glencore recorded a weak first half-year. Although sales increased significantly, the Group earned nothing.
The Baar-based commodities group Glencore recorded a loss of 233 million dollars in the first half of 2024.
This was against the backdrop of a 9 percent increase in sales to 117 billion dollars, as Glencore reported Wednesday.
Billions written off
The company, led by Gary Nagle, blames the fall in profits, which were still 4.6 billion dollars in the same period last year, on the fall in commodity prices.
Coal in particular has become significantly cheaper. The normalization on the energy markets after the distortions in the same period of the previous year had an impact.
Depreciation and amortization in the billions also contributed to the slump.
Unclear company orientation
Glencore also emphasized that the acquisition of the majority stake in Elk Valley Resources (EVR) had triggered a discussion among the owners about the company’s strategy.
A consolidation of opinions is currently underway, according to the communiqué.
The company’s goal of making a ‘positive contribution to society’ is the focus. In any case, the management wants to keep the coal business and not spin it off.
Just a few days ago, the company also announced that it had made a gift of millions to Switzerland, as reported by muula.ch.
07.08.2024/kut./ena.
