DGAP-News: Gunvor Group 2015 Results
DGAP-News: Gunvor Group Ltd / Key word(s): Miscellaneous
Gunvor Group 2015 Results
22.03.2016 / 15:49
The issuer is solely responsible for the content of this announcement.
GENEVA, SWITZERLAND --(Marketwired - March 22, 2016) - Gunvor
Group Ltd ('Gunvor'), one of the world's leading independent
commodities trading houses, today released results for the year
ended 31 December 2015:
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-- Total trading volumes increased to 180 million MT from 137 million MT
the year prior.
-- Revenue for 2015 was US $64 billion, a decrease from US $88 billion in
2014, reflecting the prolonged decline in the price of commodities.
-- Net profit after taxes for 2015 was US $1.25 billion, which included
impairments, such as a write-down of all coal mining assets, as well as
the positive results of asset divestments and strong underlying earnings
from trading and refining operations, which increased year-over-year by
10 percent.
-- EBITDA also rose about 14 percent to US $860 million from US $752
million the year prior.
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'It is a credit to the company's broadening management structure
that Gunvor has emerged stronger over the past year, despite the
challenges we've faced,' said Gunvor Group CEO Torbjörn
Törnqvist. 'We've seen an increase in volumes, an increase in
earnings from trading, and continued geographic diversification.
We're very well positioned to operate in current market
conditions.'
Throughout 2015, Gunvor continued a series of planned divestments
of Russian assets, which is now complete. Gunvor also continues
to assess new asset investments, having most recently acquired a
crude oil refinery in Rotterdam, The Netherlands. The company is
now responsible for more than 1,000 refining jobs in Europe and
approximately 275,000 b/d of installed refining capacity.
About Gunvor Group
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,
metals and bulk materials from where they are sourced and stored
to where they are demanded most. With strategic investments in
industrial infrastructure-refineries, pipelines, storage,
terminals, mining and upstream-Gunvor further generates
sustainable value across the global supply chain for its
customers. More information can be found at www.gunvorgroup.com
or @Gunvor.
Seth Thomas Pietras
seth.pietras@gunvorgroup.com
+41 79 870 6290
News Source: Marketwire
22.03.2016 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de
Language:
English
Company:
Gunvor Group Ltd
United States
End of News
DGAP News Service
447877 22.03.2016