Noble Group net profit increased to US$606 million in 2010

The Group reported record revenue of US$56.7 billion for FY 2010.

According to Noble Group, higher Group revenue was driven by broad based growth at each of our commodity segments – Agriculture; Energy; and Metals, Minerals & Ores. Higher revenue was particularly noted in the Energy segment whose revenue more than doubled to US$37 billion and Agriculture whose revenue rose 63% to US$12 billion.

Group tonnage volume was a record 184.0 million metric tons for FY 2010 as the Group benefited from acquisitions, increasing mine production and expanded processing capacity as well as capital investments further integrating our supply chain. Tonnage volume related to the Group’s physical commodity business rose nearly 30% in FY 2010. As a result several business divisions: Oil, Gas & Power, Coal & Coke, Grains & Oilseeds, Cocoa, Cotton and Sugar reported record tonnage levels.

Group operating income from supply chain rose 48% to US$1,632 million compared to US$1,105 million for FY 2009. The improvement reflected higher profitability at each of our bulk commodity segments, particularly Agriculture whose operating income more than doubled to US$762 million. The Group’s operating income margin was 2.88%.

Profit on supply chain assets was US$93 million compared to US$130 million for FY 2009.

The Group’s total operating income rose 42% to US$1,719 million compared to 
US$1,210 million for FY 2009.

The Group’s net profit was US$606 million compared to US$556 million for FY 2009.

CEO Ricardo Leiman commented, “Our 2010 results, particularly our performance in the second half of the year, demonstrate the increasing contribution from our investments in capital assets over the past few years combined with our increasingly integrated supply chain. Together these strategies have created a significant expansion of our physical commodity business as is evident with the nearly 30% increase in our tonnage volume in FY 2010 compared to FY 2009.

Our 2010 performance also demonstrates that despite widespread volatility, we are able to manage risk and generate solid returns for our shareholders.”

Mr. Leiman added, “We are optimistic about our business and financial performance in 2011. We believe Noble is increasingly well positioned through our global platform to further expand our business and leverage our investments and supply chain activities.” Return on opening shareholders’ equity was 20.5%.