Gunvor Group Ltd., a closely held energy trader, said it had a profit in 2011 of between $300 million and $400 million.
“Gunvor has every year without exception made an excellent return on equity, and continues to grow steadily and profitably,” the company said today in an e-mailed statement. Profit in 2010 was also between $300 million and $400 million, the company previously reported.
Gunvor is co-owned by Russian-Finnish billionaire Gennady Timchenko, and Torbjorn Tornqvist, its Swedish chief executive officer. Its main trading offices are in Geneva and Singapore.