(Kitco News) - Commodity trading, metals and mining group Trafigura reported today that for the financial year ending 30 September 2022, the company posted a net profit of USD7,026 million, more than double the previous year's level of USD3,075 million.
The company's revenues increased by 38 percent to USD318,476 million from USD231,308 million in 2021. The group's underlying earnings before interest, tax, depreciation and amortization (EBITDA) margin for the year was 3.8 percent, compared to 3.0 percent in 2021.
Trafigura said it traded an average of 6.6 million barrels of oil and petroleum products per day in the financial year 2022, compared to the daily average of 7.0 million barrels in 2021.
Non-ferrous metals traded volumes were flat at 23.3 million metric tonnes, while bulk minerals volumes, driven by increased iron ore volumes, rose by 10 percent to 91.3 million metric tonnes.
The company noted that the strong performance allowed for a further strengthening of the balance sheet, with group equity almost doubling over the past two years to USD15.1 billion.
An additional USD7 billion of financing was secured in financial year 2022, bringing total credit lines to USD73 billion, provided by a network of around 140 banks globally, it said.
Executive Chairman and CEO Jeremy Weir commented, "The past year saw our people work hard to solve the disruptions created by unprecedented market volatility and the big structural shifts that are shaping our industry. It has shown that what we do – connecting vital resources to help power and build the world – has not only become more complex but also more critical and in demand than ever before."
Founded in 1993, Trafigura is one of the largest physical commodities trading groups in the world. Trafigura also owns and operates a number of industrial assets. Trafigura is owned by its employees and employs over 13,000 people working in 48 countries.
|
| Osisko inks binding term sheet with Miyuukaa to transport hydropower to Windfall project |
