Vitol remains the most profitable commodities trading house
Keystone
Commodity giant Vitol generated earnings of over $8 billion in 2024, according to people familiar with the matter, cementing its position as by far the most profitable energy trading house.
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Full-year earnings fell from $13.2 billion in 2023, but were still sharply higher than Vitol’s profit until 2022, when Russia’s full-scale invasion of Ukraine spurred sharp price spikes that fueled record returns across the commodity trading industry.
The financial result, which Vitol does not formally announce publicly, shows the company has continued to reap bumper profits even as volatility ebbed across the sector. The company has earned more than $36 billion over the past three years, far exceeding its closest rivals.
Vitol declined to comment. Reuters first reported that Vitol made net profit of $8 billion to $8.5 billion last year.
Privately-held Vitol is one of the world’s biggest commodity traders, handling enough oil every day to supply the combined demand of France, Germany and Spain. It’s also a major player in markets for gas, coal, electricity and metals.
Chief Executive Officer Russell Hardy said at a conference last month that Vitol expected its margins and profitability were resetting at a higher level than before the pandemic, but below the recent boom.
The strong performance is likely to mean another bumper payday for the roughly 450 employees who own the company. Vitol paid a record dividend of $6.5 billion in 2023.
The firm has also invested part of the windfall in assets such as refineries and power stations that have in turn bolstered profits as trading volatility diminishes. Vitol re-entered metals markets after a multi-year absence and completed deals for control of an oil refinery in Italy, an African downstream fuel distribution firm, and coal-focused trader Noble Resources.
That spending has continued this year, with the firm buying into Eni SpA oil and liquefied natural gas projects in Ivory Coast and the Republic of Congo.
Rival Trafigura reported full-year profit of $2.8 billion for its financial year through September, while Mercuria Energy Group made $2.1 billion over the same period.
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