Mercuria 2022 profit more than doubles to a record high -document

LAUSANNE, Switzerland, March 21 (Reuters) - Global commodities trader Mercuria made a record net profit of $2.98 billion in 2022 after Russia's invasion of Ukraine rocked global energy markets, a document summarising the results showed.

Western sanctions on Moscow as well as self-imposed restrictions by companies and financial institutions worldwide created major disruptions across markets and helped send gas, power, metals and oil prices to multi-year or even record highs last year.

Nimble Swiss traders thrive in volatile environments. Trafigura reported a record for their year ending Sept. 30 as well as a record first quarter while Vitol posted a record first half for 2022. Refining and upstream profits also soared for majors.

Mercuria's profit is more than double its 2021 net income of $1.255 billion. Revenues jumped in line with higher commodity prices to $174 billion compared with $130 billion the previous year.

A spokesperson for Mercuria declined to comment.

The Geneva-based firm is among the world's top five oil traders though the share of oil in its traded volumes has steadily fallen to less than a third in recent years. The company is focused on power, natural gas and emissions trading.

Mercuria's chief executive is pushing more into the renewables and previously pledged more than 50% of new investments towards renewables and transitional energy by 2025.

On Monday, the company and its founding partners committed $500 million to a new venture called Silvania that will make investments in projects to promote biodiversity and forestry such as "direct land purchases to manage existing forests, reforestation, and restoration projects."

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