Noble Group retains top position in agriculture and energy supply

The global supplier reported a revenue of US$24.3 million and ups gross profit by 32% in the first half of 2010.

Noble Group, the global supply chain manager of agricultural, metals, minerals and ores, and energy products, as well as logistics services, on Thursday said it has gained solid financial results for the first half year ended 30 June 2010.

According to the group’s financial report, Noble Group has gained a 6-month revenue of US$24.3 billion, versus US$13.3 billion for the first half last year. Higher Group revenue was led by the Group’s Energy segment whose revenue rose to US$15.4 billion, the report said.

CEO Ricardo Leiman said, “We are very pleased with the continuous expansion of our business platform. In the first half 2010 we reported a 30% increase in gross profit broadly contributed by our business segments. Several investments became operational which will make a positive contribution to our future performance. Our recent successful fund raising efforts also ensure we continue to maintain a strong overall financial profile.”

Group gross profit rose 32% to US$647 million compared to US$491 million for the first half 2009. The gross profit margin was at recorded at 2.7%.

Noble Group said tonnage volume reached 86.8 million metric tons with several of its bulk commodity divisions - Oil & Gas, Coal & Coke and Grain – reporting record tonnage levels for the six month period.

Group net profit was US$201 million compared to US$339 million for the first half 2009. Excluding one-off gains, adjusted net profit was US$162 million compared to US$185 million for the first half 2009.

“We believe we are increasingly well positioned in our investments and acquisitions, in our management and operating team, and in our systems and risk management to be able to achieve our target of doubling profitability over the next few years,” Mr Leiman added.

The group said annualized return on shareholders’ (opening) equity was 13.6% and earnings per share was US3.37 cents for the first half 2010.

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