Gunvor SA

April 03, 2017 06:00 ET

Gunvor Group 2016 Results

GENEVA, SWITZERLAND--(Marketwired - April 3, 2017) - Gunvor Group Ltd ("Gunvor"), one of the world's leading independent commodities trading houses, today released results for the year ended 31 December 2016:

  • Total trading volumes increased to 187 million MT from 180 million MT the year prior. The continued growth comes despite the exclusion of metals-related volumes following the discontinuation of metals trading at the end 2015.

  • Revenue for 2016 was US $47 billion, a decrease from US $64 billion in 2015, reflecting the continued decline in the price of commodities.

  • Net profit after taxes for 2016 was US $315 million, a decrease from US $1.25 billion in 2015, a year in which Gunvor executed a number of significant asset sales; however, the figure represents an increase in underlying profit year-over-year.

"Gunvor's sound management and clear strategy has enabled the company's continued growth and uninterrupted run of profitable operations," said Gunvor Group CFO Jacques Erni. "We are now reaching into new geographies with new investments and trading, backed by a strong liquidity position."

Among activities undertaken by Gunvor in 2016 were the acquisition of an oil refinery in The Netherlands, the successful commissioning of a new products terminal in Indonesia, and an investment in Paraguay. In addition, the company opened new trading offices in Houston, Texas and Stamford, Connecticut.

About Gunvor Group

Gunvor Group is one of the world's largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy and bulk materials from where they are sourced and stored to where they are demanded most. With strategic investments in industrial infrastructure-refineries, pipelines, storage, terminals, mining and upstream-Gunvor further generates sustainable value across the global supply chain for its customers. More information can be found at www.gunvorgroup.com or @Gunvor.

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