Glencore, the supplier of metals, minerals, energy and agriculture products has reported its preliminary 2011 results with revenues for the year ended 31 December 2011 at $186,152 million, a 28% increase compared to $144,978 million in 2010. Net income, pre-significant items, rose by 7% to $4.1 billion in 2011. The board of directors proposed a final dividend of $0.10 per share for 2011.
Adjusted EBIT increased 2% to $5,398 million in 2011 compared to 2010. The metals and minerals segment Adjusted EBIT increased slightly to $2,599 million, with 17% growth in the industrial asset portfolio. The largest increase in Adjusted EBIT in 2011 was from the energy segment, up 56% to $1,072 million.
Glencore's 2011 saw events that disrupted the pattern of the global economy in the short-term and with it the demand for commodities, with the challenging environment the group delivered healthy financial performance.
Glencore's Chief Executive Officer, Ivan Glasenberg, said: "Glencore delivered a solid performance in 2011, despite challenging economic conditions and markets. In particular, the industrial business benefited from stronger average prices for the key commodities it produces as well as the planned increase in production at many operations including Prodeco, Katanga, Kazzinc and Mutanda. Thus far in 2012, market conditions have improved and the year has started well across all segments of our business. Emerging market urbanisation will continue to increase commodity intensity per capita as the demand for goods and products that industrialised societies take for granted increases. This demand dynamic alongside the strength of our organic growth prospects will continue to be a fundamental driver of our business in 2012."