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Glencore profits soar on high oil, coal prices

The Switzerland-based firm reported a net profit of $12.1 billion in the first six months of 2022 as commodity prices have surged since Russia invaded Ukraine in February.

Zurich: Mining and commodities trading group Glencore posted on Thursday a ninefold increase in profit in a first half of the year, fuelled by soaring prices of oil, gas and coal.

The Switzerland-based firm reported a net profit of $12.1 billion in the first six months of 2022 as commodity prices have surged since Russia invaded Ukraine in February.

The London-listed group said it would return $4.5 billion to shareholders.

"Notwithstanding what has clearly been a very complex environment for our markets, our operations, and the world in general, we are pleased to report an exceptional financial performance for Glencore over the period," chief executive Gary Nagle said in a statement.

Glencore's trading business saw earnings double to $3.7 billion while its industrial operations earned $15 billion on the back of higher coal prices.

Looking at the second half of the year, Nagle warned that "tightening financial conditions and a deteriorating macroeconomic environment present some uncertainty for commodity markets".

Decades-high inflation and central bank moves to tighten monetary policies have raised fears that economies could fall into recession.