Oil Trader Gunvor Reports Record Profits for 2015 Despite Lower Revenues
Posted: Mon Mar 21, 2016 9:48 pm
One of the biggest traders of crude oil and oil products, Gunvor Group Ltd, published today its final financial results for 2015. The company reported a visible increase in net profits after taxes, despite registering a decline in revenues.
The revenues of Gunvor when compared to 2014 slumped by 27 per cent or $24 billion to mark $64 billion. The decrease in operating revenues was due to the ongoing slump in oil prices with the price of crude oil throughout 2015 averaging about $50 per barrel.
Despite the decline in oil prices, the firm reported that its net profit after tax for 2015 totaled $1.25 billion, which is an increase ... (read more)