Noble’s net profit plummets 29% to US$1.6b in 2011

As freight rates continue to collapse amidst the struggling physical and financial markets last year.

Noble Group reported revenue of US$80.7 billion for the year, an increase of 42% over last year.

Operating income for the year totalled US$1,577 million, compared to the US$1,719 million for last year.

Net profit for the year was US$431.3 million, compared to US$605.6 million for the year 2010.

The group’s balance sheet remains very strong with cash of US$1.5 billion and an adjusted current ratio of 1.88x.

Probably the most memorable feature of the year was the reaction when Noble announced that it “lost” money in the quarter to September.

In the final quarter of 2011 the group moved more product than it had ever moved – 62 million tonnes – making 2011 a record year at 220 million tonnes.

The group’s 2011 EBITDA was almost identical to 2010’s record level.

Noble’s book value per share rose yet again in 2011, completing a decade of consistency in which it has compounded at over 30 per cent per annum.

At 31 December, Noble had cash of US$1.5 billion, with unutilized committed banking facilities of US$4.5 billion, or a record “liquidity headroom” of over US$6 billion.