Mercuria 2022 profit more than doubles to a record high

Global commodities trader Mercuria made a record net profit of US$2.98 billion in 2022 after Russia's military operation in Ukraine rocked global energy markets, a document summarising the results showed.

Western sanctions on Moscow as well as self-imposed restrictions by companies and financial institutions worldwide created major disruptions across markets and helped send gas, power, metals and oil prices to multi-year or even record highs last year.

Nimble Swiss traders thrive in volatile environments. Trafigura reported a record for their year ending September 30 as well as a record first quarter while Vitol posted a record first half for 2022. Refining and upstream profits also soared for majors. Mercuria's profit is more than double its 2021 net income of $1.255 billion. Revenues jumped in line with higher commodity prices to $174 billion compared with $130 billion the previous year.

A spokesperson for Mercuria declined to comment.

The Geneva-based firm is among the world's top five oil traders though the share of oil in its traded volumes has steadily fallen to less than a third in recent years. The company is focused on power, natural gas and emissions trading.

Mercuria's chief executive is pushing more into the renewables and previously pledged more than 50 per cent of new investments towards renewables and transitional energy by 2025.

On Monday, the company and its founding partners committed $500 million to a new venture called Silvania that will make investments in projects to promote biodiversity and forestry such as "direct land purchases to manage existing forests, reforestation, and restoration projects."