Reported 11 months ago
Trafigura Group reported a 73% drop in first-half profit, the lowest since 2020, as the commodity giant adjusts to calmer conditions in energy and metals markets. The company's net profit decreased to $1.47 billion, down from a record $5.5 billion a year earlier, reflecting how the surge in commodity trading profitability fueled by the Covid-19 pandemic and Russia's invasion of Ukraine is fading. Despite ongoing supply chain disruptions and price vulnerabilities, Trafigura's first-half earnings remained strong, although reduced payouts and management shifts are also impacting the company.
Source: YAHOO