Trafigura Announces 2017 Result Showing A Strong Trading Performance

Posted On December 14th, 2017 - 1:49 pm | by Oil and gas press

Trafigura Group Pte Ltd, (“Trafigura”) announced another year of strong trading performance and profit.

The robust global economy drove strong growth in demand for all the commodities that the company trades and a tightening supply-demand balance pushed prices of many products higher. However, the oil and refined product markets were still characterised for much of the year by oversupply and relatively low volatility, reducing margins and arbitrage trading opportunities.

In this mixed environment Trafigura delivered a strong performance. Profit for the year was USD887 million, 9 percent below the level of USD975 million recorded in 2016, but broadly within the range of profits registered in each of the last five years. Gross profit was USD2,239 million, just 2 percent below the year-ago figure of USD2,291 million.

Gross margin for the year was 1.6 percent, down from 2.3 percent recorded in 2016.

EBITDA, which Trafigura sees as a more precise measure of operating performance since it strips out investment gains and impairments, was USD1,580 million, 3 percent below the figure of USD1,628 million recorded in 2016.

Revenue increased by 39 percent to USD136,421 million from USD98,098 million, reflecting increased volumes and higher commodity prices.

“In commodity markets that are more competitive and transparent than ever, these results demonstrate the benefits of our scale, our resilient and diversified business model, as well as our ability to generate profit consistently throughout the economic cycle,”

said Trafigura’s CEO Jeremy Weir.

Highlights of the year included significant growth in volumes handled by both trading divisions, Oil and Petroleum Products and Metals and Minerals, reinforcing the company’s position as a top-tier trader across these markets and in all important geographies. The company’s global reach grew, for example through establishing a leading position in exporting crude oil and refined products from the US and the doubling of oil and products volumes sold into and out of India over the year.

Source / More: Trafigura

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