Geneva-based energy trader Gunvor said its net profit surged last year, boosted by higher earnings in its natural gas and LNG divisions.
The company said on Tuesday its net profit after taxes more than doubled to $726 million, compared to $320 million last year.
In addition, the group had gross profit of $1.54 billion for the year and reported a revenue of $135 billion, compared with $50 billion in 2020, reflecting increases in the traded volumes and the price of commodities, it said.
Gunvor traded 240 million tonnes of crude oil, natural gas, LNG, and other commodities last year. This compares to 191 million tonnes in the year before.
“Underlying profit drivers included natural gas and LNG, which generated sustainable earnings throughout the year,” the company said.
Gunvor did not provide details regarding LNG volumes for 2021. This was also the case with 2020.
According to the company’s website, Gunvor delivered 4 million tonnes in 2016, 7 million tonnes in 2017, 11 million tonnes in 2018, and 16 million tonnes in 2019.
In December last year, the trader signed a new syndicated borrowing base facility to support the working capital needs of its growing LNG activities globally.
Prior to that, it penned a 10-year deal with Tellurian to buy Driftwood LNG volumes as well.
In addition, its unit Clearlake Shipping signed deals in October to charter four LNG carriers from Celsius Shipping.