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14 August 2012 | Adam Leach
Global commodities and supply chain business Noble Group has recorded record revenues of $47 billion (£29.9 billion) for the first half of 2012, driven largely by strong growth in its supply chain division.
Profit for the first half of the year was $305 million (£194.2 million). The group, which sources, processes, transports and trades commodities, took $856 million (£545 million) from its supply chain division during the period, the second highest amount in its history. Its energy division delivered record first half revenues of $662.4 million (£421.9 million), while agriculture delivered $98.4 million (£62.7 million), and metals minerals and ores produced $94.8 million (£60.4 million). The energy and coal complex division reported a volume increase of 26 per cent.
Its agriculture business was constrained by the wet weather in Brazil during the period, which delayed its sugar mills operations, causing margins to tighten. But a 7 per cent increase in aluminium tonnage and price helped produce another record in revenues. Iron ore prices also increased by seven per cent.
Yusuf Alireza, CEO at Noble Group, said in a statement: “These are generally pleasing numbers given that the market environment has been unusually uncertain for the entire period and this environment has been a particular short term drag on our key agricultural business.”
In February, the business reported its full year profits had dropped from $605.6 million (£385.7 million) to $431.3 million (£274.7 million). Earlier in 2011 it announced its first quarterly loss in more than 14 years.