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Investing.com -- InCommodities, the Danish energy trader backed by Goldman Sachs, reported a 47% decrease in its pretax profit for 2024 on Monday.
The company attributed this drop to fewer trading opportunities due to lower volatility.
The company’s pretax profit for 2024 was 72.5 million euros ($82.28 million), a decline from the previous year’s 136.4 million euros. This figure marks its lowest since 2020, but it still falls within the company’s target range of 50 million euros to 140 million euros.
Looking ahead, InCommodities has projected a pretax profit range of 85 million euros to 195 million euros for 2025.
The company’s 2024 performance was influenced by a decrease in transactions and tighter margins, as gas and power prices remained relatively low and stable, with fewer fluctuations.
In terms of trading volumes, gas trading at InCommodities dropped to 660.5 terawatt hours (TWh) in 2024, down from 947.7 TWh in 2023.
Conversely, power trading volumes saw an increase, rising to 295.6 TWh from 213.7 TWh.
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