Trafigura Beheer has reported increased margin for its 2014 financial year. Revenue in 2014 totalled US$127.6 billion, a decrease of 0.4 percent on the 2013 figure of $128.1 billion recorded on a like-for-like basis. However, gross profit rose on a like-for-like basis by 14 percent to $2.045 billion, with a particularly strong increase in oil and petroleum products more than offsetting a decline in metals and minerals.
Gross profit margin reached 1.6 percent compared with 1.4 percent for 2013. Net profit for the year was $1.08 billion, a decrease of 50 percent on 2013, due mainly to the deconsolidation of Puma Energy from the group balance sheet that occurred at the end of the previous fiscal year.
Two significant divestments during the year generated a pre-tax gain of $587 million. These were the sale to Buckeye Partners LP of an 80 percent interest in Trafigura AG’s oil storage terminal in Corpus Christi, South Texas, and the sale of Trafigura’s bitumen business to Puma Energy.
EBITDA rose 13 percent to $1.309 billion, compared with $1.155 billion in 2013 on a like-for-like basis.
Total volume of oil and petroleum products traded increased by 2 percent to 120.4 million tonnes, with Trafigura now trading more than 2.5 million bpd. Metals and minerals volumes overall were up by 49 percent from 32.9 to 49.1 million tonnes. This was due to strong growth in coal where Trafigura is now a top three player in global trade. Metals volumes increased from 9.7 to 11.3 million tonnes, driven by sales of refined metals.