Noble reports six-month earnings

by World Grain Staff
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HONG KONG — Noble Group announced on Aug. 12 financial results for the first half year ended June 30.

The group reported record six-month revenue of $24.3 billion compared to $13.3 billion for the first half 2009. Higher group revenue was led by the group’s energy segment whose revenue rose to $15.4 billion.

Tonnage volume was 86.8 million tonnes with several of the company’s bulk commodity divisions (oil & gas, coal & coke and grain) reporting record tonnage levels for the six-month period.

Group gross profit rose 32% to $647 million compared to $491 million for the first half 2009. The group’s gross profit margin was 2.7%.

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

Chief Executive Officer 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.

"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."

The annualized return on shareholders’ (opening) equity was 13.6% and earnings per share was 3.37¢ for the first half 2010.

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