Trafigura posts H1, 2024 net profit of $1.5 bn
The Group recorded a net profit of USD1,474 million, one of the best first half results on record
Trafigura Group Pte Ltd (“Trafigura” or “the Group”), a market leader in the global commodities industry, on June 6 released its 2024 Half Year results for the period ended 31 March 2024.
Financial highlights for the six-month period ended 31 March 2024:
Group revenue: $124.2 bn; Underlying EBITDA: $4.3 bn; Net profit: $1.5 bn; Total Group equity: $17.3 bn; Total assets: $84.4 bn; Total non-current assets: $15.6 bn.
"The strength of our business was evident with robust performances from our core divisions," said Jeremy Weir, Trafigura’s Executive Chairman and Chief Executive Officer. “In a less stressed environment than the same period a year ago, demand for our services remained strong and we recorded a net profit that was one of our best first half year results on record."
The six months to the end of March of 2024 saw a continuation of the less turbulent conditions that prevailed during the second half of the 2023 financial year. Revenue fell five percent to USD124,197 million, reflecting the impact of lower commodity prices, partially offset by higher trading volumes. The Group reported underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of USD4,284 million compared to USD8,136 million in 2023. The solid performance in the first half of 2024 demonstrates the Group's ability to adapt to changing market dynamics.
The Group recorded a net profit of USD1,474 million, one of the best first half results on record. There were robust performances from all of our core divisions – Oil and Petroleum Products, Metals and Minerals, Gas Power and Renewables – as well as shipping. Demand for the Group’s services remained high as customers continued to rely on Trafigura to navigate complex markets.
Total traded volumes of oil and petroleum products, including natural gas and LNG, were 7.2 million barrels per day, around 15 percent above the previous year’s level. This was mainly due to higher trading volumes in crude oil, driven by our supply and marketing agreements with refineries in Europe.
In non-ferrous metals, volumes were almost unchanged year-on-year at 10.4 million tonnes, while bulk mineral volumes rose 25 percent to 54.7 million tonnes due to an increase in iron ore. This was due to higher throughput at the Porto Sudeste joint venture terminal in Brazil, as well as increased trade of iron ore from Australia and India.
The period was not without its challenges as Nyrstar’s metals processing operations continued to face lower commodity prices and high energy costs, together with significant global competition.