The Strategist

Trafigura ends half-year with record profits

06/13/2022 - 03:56

Due to volatility in the commodity market caused by the events in Ukraine, the exchange company Trafigura was able to accomplish record oil and metal sales and conclude the first half of fiscal year 2022 (March 31) with a record profit.

The corporation recorded $170.6 billion in six-month revenue, up 73 percent from 2021 and more than double the figure for the first half of 2020. The company's net income was $2.7 billion, up 29% over the previous year.

"The situation with Ukraine has put supply chains under unprecedented strain, particularly in oil, gas, and petroleum products, as purchasers seek alternate sources of supply," said Trafigura CFO Christophe Salmon.

As a result, crude oil and refined product trade volumes reached a new high of 7.3 million barrels per day in the first half of the year. That sum was up 14 percent over the first half of fiscal year 2021. Metals increased by 16 percent, while minerals grew by 13 percent.