China: Noble Group Reports 1H Net Profit of USD 343 Million

Noble Group 1H total operating income from managing their supply chains rose 40% to US $ 947m compared to 1H 2010, supported by record lH volume of 98 million metric tonnes. Net profit increased to US$343 million, up 71% compared to 1H 2010.

This record performance demonstrates the resilience of company’s business in times of market volatility, and also the quality of new businesses that we have taken into the portfolio over the last few years. Noble’s annualized return on opening shareholders’ equity was 17.3% and net book value per share was US73 cents.

The disposal of company’s fleet management business in Q1, the Donaldson sale into Gloucester and Gloucester’s subsequent equity raising of A$230 million demonstrates the practical implementation of company’s capital recycling strategy.

Noble Group have further improved its liquidity in July 2011 through the completion of a landmark, well oversubscribed, syndicated revolving credit facility for a record amount of US$3.2 billion. Total unutilized committed facilities plus usable cash increased by US$1.2 billion to US$6.0 billion.

CEO Ricardo Leiman commented, “We are delighted that we are able to report record first half revenue, volume and operating income in a difficult and volatile business environment. Our new businesses and acquisitions are starting to illustrate their longer term potential, broadening and deepening the Group’s capabilities.”

Mr. Leiman added, “We have record access to committed liquidity and cash if the macro environment were to deteriorate, while we focus on further nurturing the cluster of world class businesses that we are developing.”

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Source: Noble Group, August 11, 2011;