South African Executive, Gary Nagle, Leads Glencore To 231 Billion Revenue In 2024

Glencores 2024 revenue increased 6 to 230.94 billion, fueled by strong metals and marketing, while coal revenue grew just 0.93, impacting profitability.

Adjusted EBITDA fell 16 to 14.4 billion due to weaker energy coal prices, despite zinc gains and the 7 billion EVR steelmaking coal acquisition.

Glencore announced 2.2 billion in shareholder returns, maintaining 11.5 billion liquidity and a 0.78x net debt-to-EBITDA ratio.

Glencore Plc, the Swiss multinational commodity trading and mining company led by South African executive Gary Nagle, posted mixed results for 2024. While the companys revenue grew 6.02 percent year-on-year to 230.94 billion, driven by strong performance in its marketing segment and metals operations, lower energy coal prices had a negative impact on profitability.

According to its 2024 annual financial report , Glencores revenue climbed 6 percent to 230.94 billion, driven by a 19.5 percent surge in metals and minerals, while energy and steelmaking coal contributed 58.9 percent of total revenue, growing just 0.93 percent year-over-year.

Despite the topline growth, adjusted EBITDA dropped 16 percent to 14.4 billion, weighed down by lower energy coal prices. Industrial EBITDA fell 20 percent to 10.6 billion, despite gains in zinc and the 7 billion EVR steelmaking coal acquisition. Marketing remained strong, with adjusted EBIT of 3.2 billion, at the high end of Glencores guidance.

The company posted a 2.69 billion net loss, reversing a 3.21 billion profit in 2023, due in part to declining Viterra earnings, which fell 49 percent to 165 million ahead of its sale to Bunge. However, funds from operations rose 11 percent to 10.5 billion, bolstering liquidity. Net debt surged to 11.2 billion from 4.9 billion, reflecting capex, acquisitions, and shareholder distributions.

Glencore, founded in the 1970s as a trading firm, has grown into one of the world's largest mining companies by revenue. CEO Gary Nagle, who holds a 0.016 percent stake valued at nearly 10 million, remains pivotal to its strategy.