Gunvor Group Ltd today released results covering the first six months of 2014 (1 January – 30 June). For the first half, Gunvor’s EBITDA increased approximately 12% to US $395 million, up US $41 million over the first half 2013.
Revenue remained steady for the period at US $45 billion. Net profit was also roughly flat at US $153 million, lower by US $10 million related to the depreciation of physical assets, as well as financial costs of enlarged facilities and the bond.
Volumes for the first half increased to 71 million MT, compared with 61 million MT during the same period 2013, and included the addition of metals trading.
“While we had to manage certain particular challenges during the first half, Gunvor continues to diversify and expand globally to find available opportunities in new trading and assets,” said Gunvor Group CEO Torbjörn Törnqvist.
During the period, Gunvor also closed a number of facilities, including: