Noble Group (SGX: N21), the global supply chain manager of agricultural, metals, minerals and ores, and energy products, reported record revenue of US$39.3 billion ($50.6 billion) for the nine months ended September 30, 2010 compared to US$21.6 billion in the corresponding period last year.
Group net profit was US$358 million for the nine months ended September 30, 2010 compared to US$471 million for the nine months ended September 30, 2009.
Higher group revenue was primarily driven by the group’s Energy segment whose revenue rose to US$25.2 billion.
Group tonnage volume was 131.3 million tonnes for the nine months ended September 30, 2010, the second highest in the group’s history.
Several of Moble’s divisions: Oil & Gas, Coal & Coke and Grain reported record nine month tonnage levels. Broad based growth was evident with several other product divisions: Sugar, Coffee, Cocoa and Cotton also reporting record tonnage volumes.
Group gross profit rose 35% to US$1,089 million compared to US$805 million for the nine months ended September 30, 2009. The group’s gross profit margin was 2.77%.
CEO Ricardo Leiman says, “We are very pleased with the overall growth in the third quarter and continuing solid profitability. Bottom line earnings should improve going forward as we are beginning to see a meaningful contribution from our investments and acquisitions. We are very pleased with the closing of our acquisition of Sempra Energy Solutions which has been renamed Noble Americas Energy Solutions effective November 1, 2010. Combined with our Oil, Gas and Power trading operations which becomes fully operational in the fourth quarter, our Energy segment profitability should be further strengthened.”
The annualised return on (opening) shareholders’ equity was 16.2% and earnings per share was US5.99 cents for the nine months ended September 30, 2010.