Mercuria Energy Group posted an 88% jump in first-half profit to $1.09 billion, marking its second-best six-month performance ever. The trading house capitalized on commodity supply shocks stemming from the Hormuz crisis, which has created lucrative opportunities for energy and metals traders operating in volatile markets.

Equity rose to $7.13 billion from $6.04 billion, while taxation reached $226 million. Notably, Mercuria skipped dividends to reinvest capital, departing from its recent pattern of distributing billions to shareholders including co-founders Daniel Jaeggi and Marco Dunand after record 2022-2023 profits.

The company accelerated expansion through prepayment deals, including a $1.2 billion commitment for a Kazakhstan copper mining buyout. Recent acquisitions include an Argentine oil refinery and petrol stations, plus bulk commodity agreements with Venezuela. Advances and loans grew 75% to $5.09 billion.

Mercuria follows Trafigura Group, which reported over $4 billion in first-half earnings. CEO Dunand indicated the firm targets returns at the upper end of its historic 25% to 50% range, suggesting full-year profits between $2.3 billion and $3.2 billion. Middle East supply disruptions continue driving trading margins higher across energy and metals markets.