Gunvor continued its track record of solid performance, posting a net income of US $729 million. The result reflects a return to more normalized energy markets compared with the previous two years, which featured significant volatility related to the global pandemic, the energy crisis, and international conflicts that had roiled energy markets.

The Group’s revenue increased to US $136 billion for the year, led by the growth of physically traded volumes of crude oil and refined products, which compensated for the lower-price commodities environment. Gunvor also continued to focus on trading Energy Transition commodities, which comprised almost 30% of total traded volumes.

While the Group’s result is lower than the highs of recent years, it remains above the pre-pandemic era and stands as the fourth-highest historically. Businesses related to the Energy Transition and shipping and chartering balanced those operating in the stabilized crude oil and refined product markets. Profits were further impacted by impairments, including for the Rotterdam refinery, whose processing units are being reviewed for mothballing. 

During the year, the company formally entered or expanded into new market sectors through significant investments in: power generation in Spain; retail fuel distribution in Pakistan; upstream natural gas production in the United States; and solar development in Italy. 

At year end, the Group’s equity stood at US $6.5 billion, which serves as a solid foundation for the future development of Gunvor’s trading and investment activities.

Gunvor’s shareholding at year-end stood at 84.79% held by Torbjörn Törnqvist, the majority beneficial owner, with the remaining 15.21% held by the Gunvor Employee Shareplan. There are no outside shareholders or economic interests.