Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading houses, today released results for the year ended 31 December 2017:
- Total trading volumes increased to 184 million MT from 153 million MT the year prior. These figures represent a revised formula for calculating Group volumes that removes emissions, which can cause significant swings in results.
- Revenue for 2017 was US $63 billion, an increase from US $47 billion in 2016, reflecting changes in the price of commodities during the year.
- Net profit after taxes for 2017 was US $162 million, representing the company’s 18th straight year of profitable operations. Net profit was US $315 million in 2016.
“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.