Global commodity trader Trafigura Group reported a record year in oil trading an...
LONDON - Global commodity trader Trafigura Group reported a record year in oil trading and a strong metals and minerals performance, though losses in its asset base eroded gains, pushing its net profit to the lowest since 2010.
“The trading division in particular had a knock-out year. In fact, their best year ever. This was reflected largely in oil, which had a 64% increase in gross profitability,” Chief Executive Jeremy Weir said in an accompanying annual video. “Their position in the U.S. is a leading position both for exports of crude but also liquefied natural gas.”
The losses were in Trafigura’s asset businesses — Belgian zinc smelter and miner Nyrstar, downstream and fuel retail arm Puma Energy and Brazilian iron ore terminal Porto Sudeste. Trafigura’s adjusted debt-to-group-equity ratio fell to 0.78 in the year, from 0.97 in 2018 and above 1 previously. The oil division’s gross profits were $1.68 billion up from $1.02 billion in 2018, which was a particularly tough year for all energy traders.
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