- About us
- IBJ Awards
- Free Sample
- Contact us
Trafigura releases strong half year results
(Posted on 14/06/21)
Trafigura Group Pte Ltd, one of the world’s leading independent commodity trading companies, has released its half year results. They show a strong commercial and financial performance in what continues to be a rapidly evolving business environment, with record gross profit, EBITDA and net profit for the period ending 31 March 2021.
Revenue rose 19 percent to USD98.4 billion from the first half of 2020 as a result of increased traded volumes and higher commodity prices. Gross profit of USD4.3 billion was 54 percent higher. The even stronger rise in net profit to USD2.1 billion from USD0.5 billion in the same period last year in part reflected stabilisation of the Group’s industrial assets, which had negatively impacted results in the previous year, combined with a very strong trading performance. EBITDA was USD3.7 billion,
a 53 percent increase from a year ago.
Both principal trading divisions, Oil and Petroleum Products and Metals and Minerals, showed increased trading volumes, higher margins and larger gross profit. Gross profit margin rose to
4.3 percent from 3.8 percent when compared to the same period last year.
Market conditions, driven in large part by the economic recovery, underlined the need for reliable service providers such as Trafigura with the risk management skills, global network, physical assets and financial capacity to help customers navigate these markets.
“This outstanding first half performance reflects our continuing efforts to build customer business, expand our product footprint and adapt to structural changes across many commodity markets, driven by the energy transition,” said Trafigura’s Executive Chairman and Chief Executive Officer Jeremy Weir.
The period included the announcement of a number of key transactions, including the acquisition of a
10 percent equity stake in Russian oil and gas company Vostok Oil, as well as investments in green hydrogen, battery storage and nickel production projects, indicating the key role that the energy transition, together with the technologies and materials needed to support it are now playing in the commodity trading business.
Another notable feature of the period was a substantial strengthening of the Group’s overall financial position enabling it to handle larger trade flows. Trafigura secured access to increased bank liquidity on favourable terms, issued in the public and private EUR debt capital markets, while an increase in retained earnings strengthened Group equity and reduced leverage.
Glencore and Managem are pleased to announce that they have entered into a partnership to produce Cobalt... Read more
Shalina Resources (“Shalina”) and Chemaf SA (“Chemaf”), a leading vertically... Read more
BHP has completed the sale to Glencore of its 33.3 per cent interest in Cerrejón, a non-operated... Read more
Glencore and Evolution Mining Limited (Evolution) have closed the sale and purchase of Glencore&rsquo... Read more
Rio Tinto has called for Expressions of Interest (EOI) from Western Australian manufacturers to build... Read more
Rusal a leading global aluminium producer, opens the first phase of the world’s most advanced... Read more
Trafigura Group Pte. Ltd., one of the world’s largest physical commodity trading companies, Nyrstar... Read more
En+ Group, the world’s largest producer of low carbon aluminium, has received confirmation from... Read more
BHP’s Chilean operations Escondida and Spence, and Olympic Dam in Australia, have been awarded... Read more
Glencore and Evolution Mining Limited (Evolution) have entered into a binding agreement for the sale... Read more