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Swiss commodities trader Glencore faces $1.6bn loss

Published on February 19, 2025

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Swiss commodities trader Glencore faces $1.6bn loss — Glencore suffers loss of 1.6 billion dollars in 2024 Keystone-SDA

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According to preliminary annual figures, Swiss commodities trader and mining group Glencore slipped into the red with a $1.6 billion loss in 2024.

This content was published on February 19, 2025 - 11:04

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Sales rose to $231 billion from $218 billion in the previous year, the Zug-based firm reported on Wednesday. However, adjusted operating profit (EBIT) fell from $10.4 to $6.9 billion. The decline was mainly due to lower prices for coal.

The company announced a distribution of around $2.2 billion to shareholders, including a basic dividend of $0.10 per share and a share buyback program of $1 billion.

Overall, Glencore has had a mixed production year, producing less copper, cobalt and nickel than in the same period last year. Oil production also continued to fall. Coal production only increased thanks to an acquisition in Canada.

New member of the Board of Directors

Glencore’s board of directors has also gained a new member in María Margarita Zuleta. She has been appointed as an independent and non-executive board member with immediate effect.

The Colombian is reportedly a professor at the School of Government at the Universidad de los Andes. She is also a member of the boards of directors of several Colombian companies.

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Translated from German with DeepL/mga

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