The oil trading company Gunvor, with Swedish billionaire Torbjörn Törnqvist as CEO and major shareholder, reports a profit decline of 42 percent for 2024.
The net profit fell to 729 million dollars, while the turnover increased to 136 billion dollars – due to larger trading volumes of both crude oil and refined oil products, according to Gunvor's annual report for last year.
The result is weighed down, among other things, by write-downs, including the valuation of Gunvor's oil refinery in Rotterdam, the Netherlands.
In an interview with Bloomberg last week, Törnqvist also confirmed reports of large losses in certain oil transactions and that adjustments had been made in the management team for this unit within the company.
Some areas have really gone well, other areas have not gone well. I'm open about that, he said then.
