Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading houses, today released results for the year ended 31 December 2015:

• Total trading volumes increased to 180 million MT from 137 million MT the year prior.
• Revenue for 2015 was US $64 billion, a decrease from US $88 billion in 2014, reflecting the prolonged decline in the price of commodities.
• Net profit after taxes for 2015 was US $1.25 billion, which included impairments, such as a write-down of all coal mining assets, as well as the positive results of asset divestments and strong underlying earnings from trading and refining operations, which increased year-over-year by 10 percent.
• EBITDA also rose about 14 percent to US $860 million from US $752 million the year prior.

“It is a credit to the company’s broadening management structure that Gunvor has emerged stronger over the past year, despite the challenges we’ve faced,” said Gunvor Group CEO Torbjörn Törnqvist. “We’ve seen an increase in volumes, an increase in earnings from trading, and continued geographic diversification. We’re very well positioned to operate in current market conditions.”

Throughout 2015, Gunvor continued a series of planned divestments of Russian assets, which is now complete. Gunvor also continues to assess new asset investments, having most recently acquired a crude oil refinery in Rotterdam, The Netherlands. The company is now responsible for more than 1,000 refining jobs in Europe and approximately 275,000 b/d of installed refining capacity.