News
12.11.2009
Noble Group sees third-quarter gains, record tonnage
Noble Group announced on Nov. 11 that third-quarter revenues were up 17%, while the company's year-to-date revenues for 2009 were down 26% and gross profits were down 30%.
Excluding one-off gains, Noble Group reported a third-quarter net profit of $132 million, compared to $95 million in the second quarter. It was the highest quarterly profit in Group history.
According to financial data, Noble Group also reported year-to-date revenues of $21.6 billion compared to $29.3 billion in 2008. Gross profits were $805.4 million compared to 1.15 billion in 2008. The company's Agriculture segment recorded year-to-date revenues of $5.2 billion compared to $7.8 billion in 2008.
Group net profit was $471 million for the first nine months of 2009, the highest nine-month total in Noble Group history. Excluding one off gains earlier in the year, adjusted net profit was $317 million compared to $372 million for the corresponding period in 2008. The Group’s net profit margin of 1.47% represents the highest nine-month net profit margin since 2005.
Noble Group also had record tonnage levels. The Group handled more than 133 million tonnes, an increase of 23% over the corresponding nine-month period in 2008.
"Noble’s results for the third quarter and year to date have been very solid," said Chairman David Eldon. "The growth in Group tonnage was outstanding. A 23% year on year increase was well supported with so many of our business divisions reporting record volume growth. Given the new records established during the last nine months, and for the quarter, we believe it is evident that Noble is performing well."
Eldon said the company had made several important transactions including:
The share placement of $646 million with the China Investment Corporation;
The company's 10-year bond issue of $850 million was accompanied by a plan to repurchase $485 million in existing bond debt and has the effect of creating a stronger debt profile for the Group;
The record setting $2.4 billion revolving loan facility created additional liquidity and funding to accommodate working capital requirements to fund future growth; and
S&P and Moody’s who assigned an investment grade rating to Noble.
"Noble is emerging from the economic recession as a more successful, more profitable and better capitalized company," Eldon said. "This is an achievement which has been years in the making and on behalf of the Board I want to thank all our stakeholders for their ongoing support and commitment to Noble."
World Grain
