Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading houses, today released results for the year ended 31 December 2016:

• Total trading volumes increased to 187 million MT from 180 million MT the year prior. The continued growth comes despite the exclusion of metals-related volumes following the discontinuation of metals trading at the end 2015.
• Revenue for 2016 was US $47 billion, a decrease from US $64 billion in 2015, reflecting the continued decline in the price of commodities.
• Net profit after taxes for 2016 was US $315 million, a decrease from US $1.25 billion in 2015, a year in which Gunvor executed a number of significant asset sales; however, the figure represents an increase in underlying profit year-over-year.

“Gunvor’s sound management and clear strategy has enabled the company’s continued growth and uninterrupted run of profitable operations,” said Gunvor Group CFO Jacques Erni. “We are now reaching into new geographies with new investments and trading, backed by a strong liquidity position.”

Among activities undertaken by Gunvor in 2016 were the acquisition of an oil refinery in The Netherlands, the successful commissioning of a new products terminal in Indonesia, and an investment in Paraguay. In addition, the company opened new trading offices in Houston, Texas and Stamford, Connecticut.