February 5, 2018 / 7:30 PM / 2 months ago

Vitol Group paid $1.12 billion to shareholders in 2016: Bloomberg

(Reuters) - Vitol Group paid $1.12 billion to its top executives and employees through share buybacks in 2016, making it one of the oil trader’s highest payouts, Bloomberg reported on Monday.

The world's largest oil trader awarded buybacks to about 530 top employees, who are also shareholders and confirmed net income of $2.08 billion for the year, Bloomberg said, citing regulatory filings. bloom.bg/2E5oDII

The remuneration for Vitol’s board of directors rose 27 percent to $33 million in 2016, Bloomberg said.

Vitol had no comment on the report.

Traders such as Vitol have benefited from market volatility and opportunities to lock in profits in 2016 by storing oil and selling futures contracts for delivery at higher prices, Bloomberg reported.

The company’s first-half profit in 2017 jumped almost 50 percent, aided by asset sales, the Financial Times reported.

The privately held commodity trader reported net profit of $818.9 million in that period, up from $546.4 million a year earlier.

Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Edmund Blair

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