Noble Group profits up 110% in 1H14

Despite drag from its MMO business.

Noble Group Limited reported increased revenue due to record tonnage shipped but profitability was lower, as overall operating margin eased to 1.1% from 2.2% in 2Q14 and 1.4% in 2Q13.

In a release by OCBC, it was revealed that Noble Group’s reduced profitability came from the Metals, Minerals and Ores (MMO) business where operating margin (OM) slipped from 2.4% in 1Q14 to 1.0% in the quarter.

Noble Group’s energy segment also saw OM easing from 1.9% in 1Q14 to 1.4%. Meanwhile, the company’s agriculture division came close to breaking even versus -1.3% in 1Q14 with the majority of the softs division showing a solid performance, although the coffee business was affected by the continued price volatility.

Here’s more from OCBC:

Recently on 14 Jul, Noble and EIG Global Energy formed a company (Harbour Energy) to own and operate upstream and midstream energy assets globally. While details remain scant, we understand that Noble will be the preferred off-take and market partner of the JV, while EIG will serve as manager of the company and oversee asset acquisitions. Separately, Noble raised some US$400m via perpetual securities, which should put the company in a very good shape to look at M&As and also expand its existing logistics business.

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