Moving Energy Forward
Gunvor Group Results 2021
Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading companies, today announces the following financial information for the year ended 31 December 2021:
US $106 billion*
240 million MT
NET PROFIT AFTER TAXES:
US $726 million
The Group had gross profit of US $1.544 billion for the year, posting after tax net profit of US $726 million, more than double the 2020 earnings of US $320 million. Trading volumes increased to 240 million MT of commodities, up from 191 million MT the year prior. Gunvor generated revenue of US $135 billion, compared with US $50 billion the year prior, reflecting increases in the traded volumes and the price of commodities.
Underlying profit drivers included natural gas and LNG, which generated sustainable earnings throughout the year. Gunvor continued to strengthen its balance sheet and maintains a healthy liquidity position. The company further remains on track with its Energy Transition strategy, as well as its goal of cutting Scope 1 and 2 emissions 40% by 2025.
* Revenue for 2021 has been restated from US $130 billion to US $106 million as a result of a change of accounting standards.
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
Gunvor continued to strengthen its balance sheet and maintains a healthy liquidity position. The company further remains on track with its Energy Transition strategy, as well as its goal of cutting Scope 1 and 2 emissions 40% by 2025.