ByTsvetana Paraskova– Apr 01, 2025, 6:30 AM CDT
Higher volumes of crude oil and refined products trading helped Gunvor, one of the world’s biggest independent commodity traders, raise its revenues for 2024 to $136 billion, up from $127 billion for 2023.
Gunvor’s revenue increase was led by the growth of physically traded volumes of crude oil and refined products, which compensated for the lower-price commodities environment, the group said on Tuesday.
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Net profit after taxes, however, fell to $729 million last year, compared to $1.252 billion for 2023. The lower net income for last year reflected “a return to more normalized energy markets compared with the previous two years, which featured significant volatility related to the global pandemic, the energy crisis, and international conflicts that had roiled energy markets,” Gunvor said.
At the end of 2024, the group’s equity stood at $6.5 billion, up from $6.157 billion at the end of 2023. The equity number serves as “a solid foundation for the future development of Gunvor’s trading and investment activities,” the trader said.
Gunvor also noted its continued focus on trading Energy Transition commodities, which accounted for nearly 30% of total traded volumes last year.
“While the Group’s result is lower than the highs of recent years, it remains above the pre-pandemic era and stands as the fourth-highest historically. Businesses related to the Energy Transition and shipping and chartering balanced those operating in the stabilized crude oil and refined product markets,” the trader said.
Profits were also hit by impairments, including for the Rotterdam refinery, whose processing units are being reviewed for mothballing.
Gunvor and other major commodity traders continue to rake in solid revenues and profits. However, moderated energy prices in 2024 reduced some of the earnings compared with the exceptional profits in 2022 and 2023 when high volatility and spiking prices generated record-high profits for the traders.
Last week, Vitol, the world’s largest independent crude oil trader, reported a turnover of $331 billion for 2024, down from $403 billion for 2023 “as energy prices moderated and volatility declined in a generally balanced market.”
By Tsvetana Paraskova for Oilprice.com
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