(Bloomberg) -- Commodity trading house Gunvor Group Ltd booked its second-biggest profit ever, but flagged the market volatility that boosted its recent banner years has cooled.

The results follow similar bumper figures released by other major commodity traders like Trafigura Group and Louis Dreyfus Co. Even as the price swings sparked by Russia’s 2022 invasion of Ukraine eased, the fluctuations and supply shocks traders crave were still well above historic levels through most of last year. 

Gunvor, which is one of the biggest independent traders of oil and gas, recorded a net profit of $1.25 billion last year, it said in a statement Wednesday, down 47% from the record levels of 2022. Company equity grew 17% to $6.16 billion.

“Volatility across energy commodities in 2022 gradually decreased over 2023, and prices normalized, particularly in natural gas,” Gunvor said in the statement. “By year end, they achieved a level consistent with long-term trends.”

Still, Gunvor has been spending some of its cash pile on bets that should maintain fatter margins even amid calmer market movements. The trader is buying a 75% stake in a Spanish gas-power plant, purchasing ships and expanding in metal markets.

READ: Commodity Trade Profits Over $100 Billion Mark Second Best Year

Gunvor’s profit includes a $467 million impairment related to resolving corruption charges — one of the biggest ever meted out to a commodity trading company. Gunvor had already booked a $200 million provision related to the charges in 2022.

Gunvor is 84.21% owned by Swedish billionaire Torbjörn Törnqvist, with the rest of the company held by employees.

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