Glencore is down 1% in London after the commodities giant announced a fourfold reduction in its 2023 net income (group share) to $4.28 billion, or 34 cents per share, and a halving of its adjusted EBITDA to $17.1 billion.

The Swiss group explains that it has been 'mainly affected by the rebalancing and normalization of international energy trade flows, with coal and LNG, and to a lesser extent, a significant decline in oil prices'.

In view of the cash flows for the past financial year, Glencore intends to propose a dividend of 13 cents per share (i.e. around $1.6 billion), to be paid to its shareholders in two equal halves in June and September.

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