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Trafigura is paying more than $ 1bn to its executives and employees after a global retailer recorded the largest gains in its 28-year history due to rising demand for oil and steel.
The results highlighted the great potential that can be achieved by moving things around the world and highlighted how the world’s largest retailers are doing. keep on gaining from chain dislocations caused by coronavirus.
Jeremy Weir, senior official, said 2021 was the year when “global weaknesses were exposed” as the need grew and reduced barriers to closure but “shipping and supplies were difficult to navigate”.
“Profitability, interest rates and volumes spent in our annual business units were the highest in our history,” he said. “Our major oil and gas oil and gas sectors and businesses continue to burn all cylinders.”
In the year to September, Trafigura made a profit of $ 3.1bn, almost double the $ 1.6bn of last year, on an increase of 57% to $ 231bn precious prices and the amount of sales.
The company sold about 7m barrels of oil and gas per day for the entire year, up to 25 percent in 2020, and held about 106m tons of iron and salt, an increase of 7.5%. The steel business was the most successful and generated 95 percent to $ 2.45bn at the time.
Group revenues increased by 36 percent, beyond $ 10bn for the first time, and the private company announced a $ 1.1bn distribution, up from $ 586m. The total debt hit $ 45bn, rising from $ 32bn, mainly due to inflation.
The historical benefits of Trafigura also came with a significant risk, however. The price of one day at risk – the amount of money a seller could lose – rose to $ 47.9m, up from $ 26.4m a year ago.
The result also included a one-off $ 716m interest-free loan initiated by the agreement controlling Puma, the oil and gas industry. This reduced the second half profit to about $ 1bn.
Christophe Salmon, chief financial officer at Trafigura, said the company expects the volatile markets for the past two years to continue, “not because of unpredictable climate change”.
“One of these strengths is the persistent mismatch between the growing demand for energy and one-sided manufacturing industries, and the supply constraints including due to time-down costs,” he said in the company’s annual report.
Advertisers are collecting huge profits – Vitol, the world’s largest retailer, last year shared $ 2.9bn to his 400 friends after one of them best years of writing. But traders are also thinking about how they can change their trading systems as governments and consumers gradually move away from burning oil.
Trafigura and its competitors investing in renewable energy and have increased their availability in gas, energy and carbon trading. However, it remains unclear whether this could be as profitable as selling barrels of oil or other fuel.
Trafigura said its strong and resilient sector earned money from interest rates, taxes, lower prices and a return of $ 80m a year.
The annual results also show that Trafigura decided to sell its 24.5 per cent stake in India’s oil refinery with Russia’s Rosneft, confirming recent reports. The company also mentioned six people who died on the job during the year.
Energy Source Newspaper
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