Glencore eyes growth after spectacular turnaround

GLENCORE posted a 319% jump in full-year net income as it prepares to charge up for the electric vehicle revolution.

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Full-year net income was US$5.77 billion, up from $1.37 billion for 2016.

The company recommended a 20c per share, or $2.9 billion, dividend to be paid in two equal payments was above its policy of a fixed $1 billion base plus 25% of industrial cash flows.

Adjusted EBITDA for the year was $14.76 billion, while net income attributable to equity holders of $5.78 billion was 319% higher than in 2016.

Net debt for the year fell 31% from 2016 to $10.67 billion, while capital expenditure for the year was 4.23 billion, up 21% on the year.

Glencore CEO Ivan Glasenberg described the 2017 financial performance as the "strongest on record", which he attributed to strong pe...