Danish energy trading house InCommodities on Friday, June 23, posted a record pre-tax profit for 2022 of 1.37 billion euros. Benefiting from gas and power market volatility the company is now planning its expansion to Asia.
“We are setting up an office in Singapore as we speak, and we are also looking into the Japanese market,” CEO Jesper Johanson told Reuters.
The Aarhus-based company’s turnover was up tenfold from 144 million euros in 2021.
InCommodities is a pure trading house with no end-user customers, operating in 20 power and 13 gas markets and plans for further expansion.
The company may later expand into trading liquefied natural gas (LNG), Johanson added.
Looking ahead, InCommodities expected earnings in 2023 to fall sharply to 100 million-250 million euros as markets normalize.