Moving Energy Forward
Gunvor Group Results 2017
Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading houses, today released results for the year ended 31 December 2017:
REVENUE:
US $63 billion
VOLUMES:
184 million MT
NET PROFIT AFTER TAXES:
US $162 million
“2017 was an investment year for Gunvor, both in expanding our trading and upgrading our assets,” said Gunvor Group CFO Jacques Erni. “Underlying gross profit was strong given a challenging trading environment, and Gunvor is now well positioned to compete globally in all markets.”
Performance for the year was impacted by several one-time items, including: a significant upfront investment in North America, where the company last year opened trading offices in Houston and Stamford, and a rep office in Calgary, totaling now more than 80 new employees; the extended 6-year turnaround of the Ingolstadt refinery; and, the ending of several long-term contracts and storage commitments.
About Gunvor Group
Gunvor Group is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. Gunvor has strategic investments in industrial infrastructure—refineries, pipelines, storage and terminals—that complement our core trading activity and generate sustainable value across the global supply chain for our customers
2017 was an investment year for Gunvor, both in expanding our trading and upgrading our assets