Customised hedging solutions company Global Risk Management on Thursday (25, June) posted a net result increase to USD 8.9 million in the 2019/20 financial year compared to USD 7.0 million recorded in 2018/19.
The company noted its net trading income jumped by more than 20% compared to the previous year, amounting to USD 18.7 million.
It said it has continued to implement new strategic initiatives even though part of the year was heavily affected by oil market volatility and COVID-19.
The financial numbers improved, providing additional means to continue the process of becoming a full-scale, international energy trading house, added the company.
“We find the financial result satisfactory, especially considering the changed market conditions brought about by the COVID-19 pandemic,” said Peder D. Møller, CEO and member of the Executive Management.
“Both events entailed the need for our competences within proactive, customised hedging solutions. In close cooperation with clients and counterparties our dedicated employees have been able to manage the augmented risk environment and uphold a high activity level”.
Over the year, the company said full focus has been given to taking a proactive approach to expand the products and services portfolio to include other commodities besides oil and oil-related products.
This is a step towards adapting to the changing energy market and needs from clients around the world where oil is being replaced by other energy sources and the synergies of our competences can be utilised and optimised.
An important step in that direction is the addition of an experienced cross-commodities team in the company’s Paris office as well as other, highly qualified colleagues over the year.
“Most of the world has experienced rough seas over the past months, so being able to increase activities and deliver solid financial results in this period is excellent,” added CFO Niels Hyldegaard Kristensen.
“Our solid committed facilities with international banks proved its worth as the oil market collapsed, providing ample liquidity to meet all obligations towards counterparties and clients”.
For the coming year, the company said its strong financial position will enable further initiatives towards a more diversified product and services portfolio within energy commodity trading.
Photo credit: Global Risk Management
Published: 26 June, 2020
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