Trafigura reports record profits in fiscal 2021
Singapore-based commodity trader Trafigura said December 8 record profits and turnover in its fiscal year ended September 30 position it well for future growth as the global energy transition continues.
Trafigura said profits, turnover and volumes handled in fiscal 2021 were the highest in its history. Equity improved by 35% over the same period last year to $10.5bn, the first time it surpassed the $10bn mark in corporate history, while revenue rose 57% to $231bn and EBITDA was 13% higher, at $6.8bn. Net profit nearly doubled, to $3.1bn from $1.6bn.
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The group traded an average of 7mn barrels of oil equivalent (boe)/day in 2021, an increase of 25% over 2020 activity, while non-ferrous metals trade and bulk minerals trade also increased.
“The group’s activities form a broad and solid platform not only for strong profitability today but also for responsible future growth aligned with the needs of a rapidly changing world,” CEO Jeremy Weir said.
Trafigura in June signed a preliminary agreement with ammonia company Yara International to study clean fuels for the shipping industry. In its latest financial report, the company said it set a new target of cutting the emissions intensity from shipping by 25% by 2030, relative to a 2019 baseline set by the International Maritime Organisation (IMO).
Elsewhere, Trafigura said it made “good progress” in cutting Scope 1 and Scope 2 emission by 30% by 2023, compared to 2020 levels.
“Trafigura’s performance in 2021 again set new records in terms of volumes handled and overall profitability,” Weir added. “We also made excellent progress over the course of the year in further diversifying our business to play a meaningful role in the ongoing energy transition.”