logo
Trafigura posts slight rise in first-half net profit, lower revenues

Trafigura posts slight rise in first-half net profit, lower revenues

Reuters4 days ago

LONDON, June 5 (Reuters) - Global commodity trading house Trafigura reported on Thursday that its net profit rose slightly on the year to about $1.52 billion in the first half of its 2025 financial year, while its revenues fell on lower average commodity prices.
The unlisted company's net profit was up 3% from the first half of 2024, stabilising after a sharp drop in its 2024 full-year results, when the company discovered a $1.1 billion fraud in Mongolia and as major trading houses adjusted to an end to a record earnings period over 2022-2023.
The first half of its 2025 financial year, the six months to March 31, also coincided with a power transition at the Swiss-based trading house, with Richard Holtum taking over from Jeremy Weir as group CEO on January 1.
It also comes as commodity players grapple with global markets thrown into turmoil this year by heightened trade and geopolitical tensions.
"Increased volatility may not necessarily translate into physical trading opportunities, as current market movements are driven more by policy-focused decisions rather than traditional supply-demand disruptions, Trafigura Chief Financial Officer Stephan Jansma said, adding that he anticipated turbulence would continue in the second half of the year.
Group revenues for the period fell by 4% to $119.2 billion, because of lower commodity prices on average, the firm said in its results statement.
Trafigura, alongside rival traders including Vitol and Gunvor, reaped lower profits in 2024 as their boom period in 2022-2023, driven by the post-pandemic recovery and commodity price shocks in the wake of Russia's invasion of Ukraine, came to an end.
Trafigura's full-year net profit for 2024 was $2.8 billion, down from a record $7.4 billion in 2023.
Trafigura's first-half traded oil and gas volumes were unchanged on the year at around 7.2 million barrels per day.
Traded volumes of metals fell. Trafigura traded 9.9 million metric tons of non-ferrous metals, down from 10.4 million a year earlier, as it said it was focusing more on "profitable tonnages."
Bulk minerals volumes fell to 43.4 million tons, from 54.7 million in the first half of 2024.
Trafigura will pay dividends totalling $1.537 billion for the period, which it said were mostly in relation to share redemptions.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Nigel Farage calls for ‘re-industrialisation' of Wales
Nigel Farage calls for ‘re-industrialisation' of Wales

The Independent

time28 minutes ago

  • The Independent

Nigel Farage calls for ‘re-industrialisation' of Wales

Nigel Farage has said his party wants to restart Port Talbot's blast furnaces and 're-industrialise Wales'. On a visit to South Wales, the leader of Reform UK said the resumption of traditional steelmaking and coal production is the party's long-term ambition if it comes to power. The speech came one year ahead of the Senedd elections in May next year, where the party is looking to end Labour's 26 years of domination. Addressing reporters, Mr Farage acknowledged that plans to open a traditional furnace could take years and cost 'in the low billions'. The GMB Union has branded the plans 'more lies from an opportunistic chancer'. Port Talbot's remaining blast furnaces were shut down in September last year, with a new electric arc furnace being built in their place. 'Our ambition is to re-industrialise Wales,' Mr Farage said. 'We are going to be using more steel over the next few years than we have probably ever used. 'As we increase military spending and as we attempt a house building programme in Wales, and even more so in England, of massive proportions, just to catch up with the population explosion over the last 20 years, we are going to need a lot of steel.' The Reform leader said 'specific types of coal' are needed in the UK, particularly for a new blast furnace. 'We should be producing ourselves, rather than importing,' he said. While he acknowledged 'mining is dangerous', he said the industry could provide well-paying jobs. Mr Farage acknowledged the plan to open a new furnace would cost 'in the low billions' and would be 'no easy thing'. 'It's a massive, expensive job to re-open blast furnaces, we're going to need cheaper energy, we're going to need much cheaper coal, we are going to need private business partners prepared to come into a joint venture,' he said. Responding to the GMB Union allegations that his party's plans were 'lies', Mr Farage said the union was tied to the Labour Party as one of its biggest funders. He said: 'They see us as a challenge, and therefore, they'll be rude about us. 'What you will find is that increasingly, GMB members are going to vote for us, and the more GMB members vote for us, the more upsetGMB officials and leaders will become. 'Frankly, the trade unions have done nothing to protect British workers through open borders over the last 20-25 years.' During his speech, Mr Farage said he doubted that the electric arc furnace, which is due to come online in 2028, 'will ever, ever be switched on'. Challenged on what evidence he had, he argued that with British energy prices being so high, it would be producing 'very, very expensive secondary steel'. He added: 'I hope I'm wrong, an electric arc furnace is not the real deal, but it's better than nothing.' Mr Farage said the party's campaign for the Senedd election next May 'starts today', but would not say when Reform would announce aleader in Wales. Regional officer Ruth Brady, speaking at the GMB's annual conference in Brighton, said: 'The people of Port Talbot will see this for what it is – more lies from this opportunistic chancer. 'Nigel Farage was happy to let British Steel go to the wall. He'll trot out any line when the cameras are rolling. He doesn't care about steel communities or steel workers.' Ms Brady said the plans to shut the blast furnaces were made by the last Tory government and the union wanted Labour to 'make good on their promises to our members in Port Talbot'.

Church sacked accountant for being non-Catholic
Church sacked accountant for being non-Catholic

Telegraph

time29 minutes ago

  • Telegraph

Church sacked accountant for being non-Catholic

A church sacked an accountant after she was discriminated against for not being Catholic, a tribunal has found. University of Cambridge-educated Janet Parker argued with her female boss after she asked for leave to care for her newly adopted daughter. When the 55-year-old's request for flexible working was refused, she complained, observing that 'the Catholic Church does not have a blemish-free history when it comes to adopted children or children in care'. Ms Parker was then subjected to a 'witch hunt' investigation for alleged professional negligence, which led to her dismissal from her £60,000-a-year role. She has now won claims against Clifton Diocese after a tribunal ruled it discriminated against her, harassed her and then unfairly sacked her because she was not religious. Ms Parker, who later told a reporter that she was an atheist, claimed the diocese's approach to her flexible working request was 'tainted by negative views of adoption, emanating from the religious beliefs of its staff'. Disapproval of adoption leave Details of her tribunal claim emerged at a disciplinary hearing, conducted by the Institute of Chartered Accountants (ICAEW), into abusive messages she sent to Lyn Murray, the diocese chief operating officer, after her dismissal. According to the full judgment – which has not been made public – the hearing in Bristol was told that she had worked at the diocese, which covers the west of England, from February 2015 until her dismissal in October 2021. Ms Parker, described by the tribunal as a 'very intelligent, articulate, and able woman', had been a chartered accountant since 1998 and worked in London at Deloittes and Credit Suisse before moving to the charity sector in 2009. In 2019, her application to adopt a baby girl was approved and in January 2020 she informed Mrs Murray, who she said had previously been supportive, of her intention to take 52 weeks of adoption leave. The tribunal was told: 'Mrs Murray did not react well, arguing that she did not believe that [Ms Parker] could 'go on leave with no notice,' as she described it, and expressed dissatisfaction that [she] would 'do that to her'.' Ms Parker began her leave in September 2020 but the tribunal heard that during her absence, her replacement flagged potential financial irregularities in the accounts for which she had been responsible. Church launched disciplinary investigation In July 2021, Ms Parker had a conversation with Mrs Murray about reducing hours and working from home because she was struggling to find childcare for her daughter. However, her request was refused, and the following month the diocese launched disciplinary proceedings against her before putting her on suspension. Ms Parker responded by issuing a grievance against Mrs Murray, she said: 'This behaviour is not in accordance with the professed beliefs of the Catholic Church. 'I know that the Catholic Church does not have a blemish-free history when it comes to adopted children or children in care, but I hoped that this kind of prejudice had been eradicated long ago. Maybe I am wrong.' The hearing was told that the ICAEW was asked to investigate the allegations against her and eventually found there was insufficient evidence to support the complaints. However, at the conclusion of its investigation, the diocese decided to dismiss her for gross misconduct. The tribunal heard this led to Ms Parker sending an email to Mrs Murray saying: 'There is one thing I always wanted to say to you. Now I can. F--- OFF YOU B---H.' and 'Your god might forgive you but I never will. B---h.' She then put out Facebook posts saying: 'You asked for it and I'm coming for you,' and 'Nolite te bastardes carborundorum, b----es,' – meaning 'don't let the bastards grind you down, b----es' in Latin. 'Witch hunt' Employment Judge Adam Midgley said Ms Parker, as a non Catholic, had been religiously discriminated against. He said: '[She] has argued that from the moment she challenged the [diocese], particularly from the point at which she referenced the Catholic Church's treatment of vulnerable children, her card was marked, and [it] closed ranks to protect itself and dismiss her.' 'Those are very serious allegations. The claimant is required to produce some evidence from which we could, properly directing ourselves, conclude that the reason for the matters she complains of was her religion or belief – ie that she was a non-Catholic.' He described the investigation that led to her dismissal as appearing like 'witch hunt' and said it was 'derisory in its depth, unbalanced and focused on establishing fault'. Ms Parker has yet to receive compensation following the judgment as the diocese is understood to have launched an appeal. Speaking after the ICAEW issued her a caution over the abusive messages, Ms Parker said: 'I wasn't happy with the ICAEW outcome but I suppose it was the best outcome given the situation. I don't think what I did was wrong and I think I just did what probably millions of people around the country want to do when they leave their jobs.'

Britain's biggest solar farm threatens Domesday villages
Britain's biggest solar farm threatens Domesday villages

Telegraph

time29 minutes ago

  • Telegraph

Britain's biggest solar farm threatens Domesday villages

The developer of Britain's largest solar farm has told residents of three Norfolk villages that appear in the Domesday Book that their land may be 'required'. Dozens of villagers in Hempnall, Saxlingham and Tasburgh were sent letters warning them that their homes may be needed to create space for the East Pye Solar project. The development will cover 2,500 acres, an area the size of Chichester, in West Sussex, and it is 10 times bigger than the UK's current largest solar farm in Flintshire, Wales. Letters sent in the last two months asked villagers detailed questions about their mortgages. In total, residents in 23 villages between Long Stratton and Diss are believed to have been sent the letters, which state their land may be 'required'. If the East Pye Solar proposal goes ahead, it would deliver up to 500 megawatts of electricity, enough to power 115,000 homes annually. As the plans are deemed a nationally significant infrastructure project (NSIP), the developer, Island Green Power, could have the power to compulsorily purchase land. Farmers around the UK have been threatened with the possibility of compulsory purchase orders for solar farm development, but this is believed to be the first time homeowners have been approached. Residents of Hempnall, which has a population of 1,238, criticised the letter's 'impertinent' and 'unreasonable' line of questioning. Yvonne Davy, 89, is among dozens of residents who received letters from the developer's lawyers, Dalcour Maclaren. Ms Davy, who has lived in Hempnall since 1973, said she received three letters, dated April 9, May 2 and May 29, and an unwanted phone call. The great-grandmother, who has an electric car and solar panels on her roof, said: 'I thought that can't be right. They were asking about my finances and my mortgage. It is quite impertinent. I wasn't very pleased when they rang me at the seaside, and I told them what they're planning to do isn't very nice at all. I don't know how they got my number.' Developers would get her land 'over her dead body', she added, saying: 'They're putting these vast numbers of panels, and it's going to blight the countryside. Where I walk and where I live is going to be surrounded by solar panels the height of a house. It would be dreadful. 'I'm going to be 90 this year, and I'm happily settled. I don't want to lose my property.' Robert Eagle, 77, has also received multiple letters, with the first in early April, followed by three reminders to fill out the questionnaire. Mr Eagle, who has lived in Hempnall for 27 years, said he felt 'unreasonably' chased by the company for his financial information. He said: 'At first I was surprised to receive the letter because I didn't realise such detailed information would be needed at this stage. If I had to give up my home, I would certainly not be pleased. We've been here a long time and we'd like to remain here. 'The thing that really hits us is how unreasonable the project is in terms of scale.' David Hook, the chairman of Hempnall Parish Council, said it was 'extremely concerned' about the solar farm proposals. He said: 'The East Pye scheme, if permitted, would surround our village and cover in total 2,718 acres of South Norfolk countryside with solar panels. 'Our objection to these schemes is due primarily to the fact that their construction would result in the industrialisation of large areas of attractive, tranquil countryside with solar panels and security fences. 'The NSIP regime also provides developers with compulsory purchase powers and this is causing great concern to many local residents, in Hempnall and many other villages included in the scheme, who have received letters saying their home 'may be required'. Island Green Power said: 'As part the development consent order process, East Pye Solar will be undertaking land interest questionnaires to identify people and organisations that have a legal interest in land or property that may potentially be impacted by the scheme. 'This is a statutory obligation under the 2008 Planning Act, and is routine for helping to identify those with legal interest in land. 'Completing land referencing questionnaires allows these stakeholders to be consulted on the development consent order application and ensures they receive formal notification such as when the scheme is accepted for examination.' The Telegraph has contacted the Department for Energy Security and Net Zero

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store