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Trafigura Group Pte Ltd reports record annual profits on higher commodity prices and trading volumes 

Trafigura Group Pte Ltd, one of the world’s largest commodity traders, reported record annual profits on higher commodity prices and increased trading volumes. 

Underlying EBITDA rose 13% to US$6.9bn (£5.2bn) for the year to end September as revenues jumped 57% to a record US$231.3bn. Trading volumes were also the highest in the group’s 28-year history.

“Trafigura’s performance in 2021 again set new records in terms of volumes handled and overall profitability,” said executive chairman and chief executive Jeremy Weir. “We also made excellent progress over the course of the year in further diversifying our business to play a meaningful role in the ongoing energy transition.”

“It was a year that saw the global economy recovering from the shock of COVID-19, albeit unevenly in different regions, and one in which underlying fragilities in global supply chains were laid bare, as demand rebounded whilst logistics and supply struggled to keep pace.”

The group said it expects 2022 to be “at least as challenging” as 2021.

Trafigura traded an average of 7mln barrels of oil and petroleum products per day over the year, up 25% on the previous year. The energy division was responsible for almost two thirds of the company’s underlying EBITDA.

Trading volumes in non-ferrous metals grew 9% on the prior year and in bulk minerals by 8%.

Read More: Trafigura Group Pte Ltd reports record annual profits on higher commodity prices and trading volumes 

2021-12-08 04:47:00

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