Noble Group posts 19% H1 growth

Diversified commodities trader Noble Group has reported record profits of $47.1bn in the first half of 2012, up 19% year on year, Seatrade Asia online reports.

Traded tonnage was a record 107m tonnes, up nearly 10%, while operating income from supply chain for the period was the company’s second highest on record, at $856m. Profit on supply chain assets at $863m.

Noble cited strong performance in its Energy Coal & Carbon Complex division, as well as the Oil, Gas and Power division. The company’s Agriculture segment was the worst performer, hindered by difficult weather conditions and volatility in the market.

‘These are generally pleasing numbers given that the market environment has been unusually uncertain for the entire period, and this environment has been a particular short term drag on our key agricultural business,’ said ceo Yusef Alireza. ‘However, our balance sheet and access to liquidity has never been better and the cash proceeds from our asset re-cycling initiatives will further emphasise our financial strength.’