Commodity trader Trafigura doubles profit in 2021

Trafigura, one of the world’s leading independent commodity trading companies, said that its revenues increased by 57 percent  to US $231,308 million, due to higher commodity prices. 

The company recorded a net profit of US $3.1 billion for its financial year ending Sept. 30 which is nearly double the previous year.

“Despite including a one-off, non‑cash accounting adjustment which reduced net profit by USD716 million due to IFRS rules on the treatment of a foreign currency translation reserve following the consolidation of Puma Energy into the Trafigura Group,” they said in a statement.

The company said that it has traded an average of seven million barrels of oil and petroleum products per day over the year which they said is a “ significant 25 percent increase over the prior year.”

The non-ferrous metals traded volumes grew by nine percent to 22.8 million metric tonnes and bulk minerals by eight percent to a total of 82.7 million metric tonnes, the company said in a statement on Wednesday.