(Kitco News) - Trafigura Group, one of the world's largest physical commodity trading companies, today announced its half year results for the six-month period ending 31 March 2022.
Trafigura reported that its net profit for the period was USD2.7 billion, a 27 percent increase over the first half of the 2021 financial year, with both principal operating segments contributing to the record result.
The company said that higher average commodity prices and traded volumes generated a 73 percent increase in revenues to USD170.6 billion, adding that underlying EBITDA rose 26 percent to USD4.7 billion from USD3.7 billion in the first half of 2021.
"Market disruptions placed a premium on Trafigura's logistical skills and market knowledge in helping customers to reorder their supply chains. As a result, trading volumes increased across the board," the company noted in its press-release.
According to the company's statement, oil and petroleum products volumes increased by 14 percent compared to the first half of 2021, to an average of 7.3 million barrels per day, while non-ferrous metals volumes grew by 16 percent and bulk minerals volumes by 13 percent.
Importantly, the company said that despite all the challenges and headwinds, robust profitability and strong business performance is expected in the second half of the 2022 financial year.
"Looking ahead, we see no let-up in the challenging market conditions. Global supply chains remain disrupted and the geopolitical situation will continue to be turbulent. However, Trafigura has proved yet again that its business and global platform are resilient and agile to adapt rapidly to difficult market conditions. I am confident that this will continue to be the case for the full year," commented Executive Chairman and CEO Jeremy Weir.
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura sources, stores, transports and delivers a range of raw materials (including oil and refined products and metals and minerals) to clients around the world and has recently established a power and renewables trading division.
The company also has a majority ownership in global zinc and lead producer Nyrstar which has mining, smelting and other operations located in Europe, Americas and Australia; a significant shareholding in global oil products storage and distribution company Puma Energy; global terminals, warehousing and logistics operator Impala Terminals; Trafigura's Mining Group; and Galena Asset Management.
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