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Glencore: shares up after results, dividend raised

(CercleFinance.com) - Global mining giant Glencore on Wednesday announced record performance for 2017, driven by higher commodity prices.

The Swiss-based company, which is listed on the London Stock Exchange, said net income attributable to shareholders more than quadrupled last year, reaching 5.8 billion dollars, versus just 1.4 billion in 2016.

At the same time, adjusted EBITDA grew to 14.7 billion dollars, from 10.3 billion dollars in 2016, on the back of higher mining margins at its metals and energy businesses.

Funds from operations - a measure of cash flow generation - jumped by 49% to 11.6 billion dollars.

For 2018, the firm recommended a distribution (dividend) of 0.20 per share, above expectations.

In comparison, in February 2017, Glencore recommended an aggregate distribution of 0.07 dollar per share for its financial year 2016.

Unsurprisingly, investors were reacting positively to the news this morning, pushing Glencore shares up 4.1% at 400.1 pence in London.

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