Gunvor ups revenue 7% to $93 bln in 2012
MOSCOW. May 14 (Interfax) - Gunvor, one of the world's largest commodity traders, boosted its revenues by 6.9% to $93 billion in 2012, according to the prospectus of the memorandum for Gunvor's debut bonds.
Operating profit slipped from $370 million in 2011 to $350 million last year, and net profit declined from $327.5 million to $301 million.
The company's presentation indicates its turnover figures since 2010. In 2011, the composition of the trade structure shifted away from oil in favor of petroleum products.
Gunvor sold 118 million tonnes of commodities in 2010, including 64 million tonnes of oil and 47 million tonnes of petroleum products. Sales revenue totaled $69 billion.
In 2011, out of a total of 123 million tonnes in sales for $87 billion, petroleum products took center stage, at 62 million tonnes. The trader only sold 36 million tonnes of oil. Gas significantly boosted its position at 14 million tonnes, and coal and electricity sales were also substantial.
The trade structure remained unchanged in 2012. Out of a total turnover of 130 million tonnes, petroleum product sales amounted to 65 million tonnes, oil sales came to 34 million tonnes, and gas sales were at 18 million tonnes.
A decade ago, Gunvor's turnover was just $3 billion. Since then, not only sales volumes but also oil prices have grown, the prospectus said.
According to the prospectus, Gunvor may have seen its revenues fall 12% in Q1 2013. The trader's turnover is forecast at $22-$23 billion. Meanwhile, the plan is for sales volumes to have risen 4% to 33 million tonnes of oil equivalent in January-March.
Gunvor plans to see a boost in the share of sales of coal, natural gas and carbon dioxide emissions in its trade structure. Sales of oil and petroleum products remained unchanged in Q1 2013.
Profit before tax is anticipated at $110 million for January-March, up 9% year-on-year. Gunvor attributes the predicted decline in revenue and growth in pre-tax profit to changes in the structure of traded goods.