Latest news with #RichardHoltum
CNA
5 days ago
- Business
- CNA
Trafigura posts slight rise in first-half net profit, lower revenues
LONDON : 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 per cent 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 per cent 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. OIL AND GAS VOLUMES UP, METALS DOWN 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.
Reuters
5 days ago
- Business
- Reuters
Trafigura posts slight rise in first-half net profit, lower revenues
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.
Yahoo
5 days ago
- Business
- Yahoo
Trafigura posts slight rise in first-half net profit, lower revenues
By Robert Harvey LONDON (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. OIL AND GAS VOLUMES UP, METALS DOWN 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. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
26-03-2025
- Business
- Yahoo
Trafigura Starts Review of Ailing Australian Smelting Assets
(Bloomberg) -- Trafigura Group has launched a strategic review of its struggling Nyrstar zinc and lead smelting assets in Australia, with Chief Executive Officer Richard Holtum calling for government intervention. They Built a Secret Apartment in a Mall. Now the Mall Is Dying. Why Did the Government Declare War on My Adorable Tiny Truck? Trump Slashed International Aid. Geneva Is Feeling the Impact. Chicago Transit Faces 'Doomsday Scenario,' Regional Agency Says How SUVs Are Making Traffic Worse 'Smelting capacity is a national security issue and therefore there probably needs to be significant government support for it,' Holtum, who became Trafigura CEO at the start of this year, said at the Financial Times Commodities Global Summit in Lausanne, Switzerland. Despite discussions among Western governments over challenging China's dominance of minerals supply chains, metals processing plants across the world have been under financial strain as competition for raw materials heats up and costs stay high. In a sign of a supply shortfall relative to smelter demand, spot treatment charges for zinc and lead concentrates have mostly stayed below zero since 2024's second half — meaning smelters have had to pay to process ore. Trafigura operates two smelters in Australia through its majority ownership of global processor Nyrstar. In Hobart it has a 280,000 ton per year capacity primary zinc smelter and in Port Pirie it has a 180,000 ton per year lead smelter. Those operations, which employ about 1,300 people, are 'uneconomical' in the face of Chinese competition, the CEO said. Nyrstar has already announced plans to cut around 25% of output at its zinc smelter in Australia from April. Another major zinc producer, Glencore Plc, is also pushing ahead with a review of its global zinc smelting assets, raising the possibility that tightness in the concentrate market will pass into metals. 'There are no sacred cows here,' the CEO said. 'So what we're looking at is every single asset that we own, we're doing a strategic review of some of our struggling assets, Nyrstar Australia being a particular one.' Zinc declined 0.6% to $2,955 a ton on the London Metal Exchange at 11:11 a.m. in Singapore, while lead was also down. --With assistance from Winnie Zhu and Jessica Zhou. (Updates with context about treatment charges and production review in fourth and sixth paragraphs. Also added prices in last paragraph.) Google Is Searching for an Answer to ChatGPT Business Schools Are Back The Richest Americans Kept the Economy Booming. What Happens When They Stop Spending? A New 'China Shock' Is Destroying Jobs Around the World How TD Became America's Most Convenient Bank for Money Launderers ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
26-03-2025
- Business
- Bloomberg
Trafigura Starts Review of Ailing Australian Smelting Assets
Trafigura Group has launched a strategic review of its struggling Nyrstar zinc and lead smelting assets in Australia, with Chief Executive Officer Richard Holtum calling for government intervention. 'Smelting capacity is a national security issue and therefore there probably needs to be significant government support for it,' Holtum, who became Trafigura CEO at the start of this year, said at the Financial Times Commodities Global Summit in Lausanne, Switzerland.
