Gunvor Group announces 2022 results
Gunvor Group Ltd (“Gunvor”), one of the world’s leading independent commodities trading companies, announces the financial information for the year ended 31 December 2022.
Gunvor generated a historic gross profit of US $4.881 billion for the year and correspondingly posted a historic record net profit of US $2.359 billion. The performance was broad-based across all geographies and all desks, including refining and shipping. The net result includes legal provisions and an impairment related to a minority, non-controlling investment in the Ust-Luga Oil Products Terminal in Russia. Trading volumes were 165 million MT, compared with 240 million MT the year prior, due primarily to reduced trading in natural gas; this is expected to rebound in the coming year.
Gunvor’s revenue was US $150 billion, compared with US $106 billion the year prior. The Group maintains its restrictive dividend policy and share buyback program, which allowed Gunvor to continue to build its equity position to US $5.286 billion, its highest-ever level, up from US $3.079 billion, the year prior. The company continues to implement its Energy Transition strategy, and remains on track to cut Scope 1 and 2 emissions 40% by 2025, while committing to Scope 3 emission reductions.
Gunvor’s shareholding at year-end stood at 85.7% held by Torbjörn Törnqvist, the sole ultimate beneficial owner, with the remaining 14.3% held by the Gunvor Employee Shareplan. There are no outside shareholders or economic interests.
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.
