Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Commodities trader Trafigura hits record H1 profit in 2021

    Commodities trader Trafigura hits record H1 profit in 2021

    June 11, 2021
    Share
    Facebook Twitter LinkedIn WhatsApp

    London — Global commodities trader Trafigura on Thursday posted its highest ever first-half net profit and core earnings, largely driven by the economic recovery.

    The Geneva-based trader’s net profit rose to $2.1 billion for the period ending March 31, from 500 million the previous year. The company’s financial year ends on Sept. 30.

    Revenue rose 19% to $98 billion while core earnings were $3.7 billion, up over 50% from a year before. Gross profit rose similarly to $4.3 billion from $2.8 billion, with the oil trading division accounting for 65% of the total and the remainder provided by the metals and minerals division.

    The new power and renewables division, which is expected to become a third pillar for the firm, had a “small loss” in the first half but expects a full-year profit, the company said in its results.

    Demand for basic commodities, particularly oil, crashed in April last year at the peak of the COVID-19 crisis before rebounding late in the year, particularly after a push for vaccinations began.

    Volatility from the temporary closure of the Suez Canal by a stuck cargo ship and extreme cold weather snaps in parts of Asia and the southern United States helped boost returns in early 2021.

    The firm said that its metals and oil divisions had increased traded volumes and higher margins during the period, with the gross profit margin rising to 4.3% from 3.8% for the same period during its 2020 financial year.

    “The Trafigura Group has emerged strengthened from the disruption caused by the COVID-19 pandemic,” Chief Executive Officer Jeremy Weir said.

    “While we do not expect to match the first half results in the second half of this financial year, we do expect very strong performance for the full year and look with increasing confidence to 2022.”

    The firm’s traded oil volumes recovered in the first half to 6.4 million barrels per day (bpd). They fell to 5.6 million bpd during full-year 2020 when major oil producers shuttered production as COVID-19 lockdowns crippled demand.

    • Reuters (Reporting by Julia Payne in LondonEditing by Matthew Lewis)
    • Follow us on twitter

    Related News

    Nigeria’s Dangote refinery to supply fuel directly

    NNPC Ltd, IPPG strengthen ties to boost oil output

    Crude oil exports drive Nigeria’s trade with N13.78tn in Q4 2024

    Comments are closed.

    E-book
    Resilience Exhibition

    Latest News

    ‘Ghana has lost $11bn to gold smuggling, links to UAE’

    June 16, 2025

    Nigeria’s Dangote refinery to supply fuel directly

    June 16, 2025

    AfDB, BII and EBRD support solar and battery storage project in Egypt

    June 16, 2025

    NNPC Ltd, IPPG strengthen ties to boost oil output

    June 16, 2025

    BDEAC secures EUR 100m trade finance facility from Afreximbank

    June 16, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.