Trading house Trafigura Group Pte. Ltd. rode rising commodity prices to post record profit, making it a big winner from the pandemic economic rebound.

Trafigura reported $3.1 billion in net profit on $231.3 billion in revenue in the 12 months through September. Wednesday’s results made the 2021 financial year the most profitable for the company since it was founded in 1993.

Trafigura’s profit almost doubled from 2020, at that time a record year for the company, which scored by loading up on cheap barrels of oil when prices dropped early in the pandemic. In 2021, Trafigura benefited from the reversal of that coronavirus-induced slump in commodity markets as demand for fuels and materials jumped, particularly in the U.S.

Trafigura, based in Singapore and run from Geneva, is one of the world’s biggest independent commodities traders, handling about six in 100 barrels of oil consumed each day along with massive quantities of copper, coal and other materials. It has interests in mining, logistics and industrial-metal operations, and owns a hedge fund that gained 82% in the 2021 financial year. Trafigura is privately owned, but bonds issued to finance its sprawling business trade publicly.

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