Trafigura sees rise in volumes and profit

Trafigura Group on Wednesday released its financial results for the first half of the current financial year, announcing a higher profit and an increase in traded volumes of oil and petroleum products.

The company posted a gross profit of USD 1.24 billion over the first six months ended March 31, 2017, up 6% over the USD 1.17 billion recorded last year. Earnings before interest, tax, depreciation and amortisation came out 12% higher at USD 921 million.

Trafigura traded 4.995 million barrels of petroleum products and oil during the mentioned period, an increase of 25%. The growth in traded volumes of metals and minerals in particular helped raise revenue from USD 44.1 billion to USD 67.3 billion for the first six month of financial year 2017.

“The Group’s performance in the first half demonstrated the benefits of our diversified business model, as a fall in gross profit in our Oil and Petroleum Products trading division was more than offset by a sharp increase in gross profit from the Metals and Minerals trading division,” CEO Jeremy Weir said in comments on the results.