Last Friday (31), Glencore said it expects its oil trading unit to reach the top level of operating profit targets this year. The Swiss group’s huge trading division makes the company more resilient than most mining companies during commodity crises.
The multinational’s trading unit is expected to record operating profit at the top of the company’s targets for the season, from $2.2 billion to $3.2 billion this year. “Our marketing business has met the challenge well, delivering robust anticyclical results,” the company’s chief executive, Ivan Glasenberg, said in a statement.
On the other hand, Glencore also warned that its net debt is expected to increase in the first half of this year. In March, the company postponed its decision to pay $2.6 billion in dividends until this quarter’s balance sheet was released, scheduled for next week.