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Anglo American H1 Profit Jumps On Improved Consumer Demand

Anglo American PLC (AAUKY.PK) reported underlying EBITDA of $12.1 billion, 262% growth from $3.35 billion in the same period last year, driven by strong market demand.

Profit attributable to equity shareholders jumped to $5.188 billion or $4.18 per basic share from $471 million or $0.38 per share in the year-earlier period.

Revenue for the first half increased 114% to $21.779 billion from $10.187 billion last year.

"The strong recovery in consumer demand is expected to continue, as the global economy recovers from the impact of Covid-19. In addition, midstream capacity is expected to increase during the second half of the year, subject to the Covid-19 situation in India," Anglo American said.

The company has increased its interim dividend by 511% to $1.71 per share form last year. The Board also approved a special dividend of $0.80 per share.

"Our balanced investment programme is driving margin-enhancing volume growth of 20% over the next three years, including copper production from Quellaveco due to come on stream in 2022, and growth of 25-35% in the medium term. Our business is increasingly geared towards providing the future-enabling metals and minerals for a low carbon economy and to meet global consumer demand trends," said Mark Cutifani, Chief Executive of Anglo American.

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