Macquarie Group has surprised the market with a major profit upgrade after energy price spikes caused by devastating winter storms in Texas led to a revenue surge in one of its businesses.profit this financial year, Macquarie on Monday said it now expected 5 to 10 per cent growth due to a sharp rise in earnings in its commodities and global markets business.
Macquarie said there had been a significant lift in demand as a result of the extreme conditions in the US.The business, which physically moves gas across most major pipelines in the United States, has recently experienced a jump in revenue as a result of severe energy shortages in Texas. Macquarie did not specify how much revenue had gone up, but one analyst estimated the increase was more than half a billion dollars.
Macquarie said the commodities and global markets business had built up capacity to deliver power and physical commodities to help clients meet “unexpected needs”.“Extreme winter weather conditions in North America have significantly increased short-term client demand for Macquarie’s capabilities in maintaining critical physical supply across the commodity complex and particularly in relation to gas and power,” Macquarie said in an ASX statement.
Shares in the investment banking group jumped 3.4 per cent on Monday to $147.15, as analysts upgraded their profit forecasts after the sudden upgrade.
Source: Energy Industry News (energyindustrynews.net)
clancyyeates Grubby company.
clancyyeates Forget venture capital ..its vulture capital
clancyyeates Macquarie Group the first to think of themselves and their profits and stuff the people, esp the Macquarie Bank, filthy thieving GRUBS
clancyyeates The point is 15 Years ago Al Gore explained that as of yesterday there would no longer be snow... So explain to me again, why is the record snow and freezing temperature a sign that Al was right? 🤔
clancyyeates Yeap, there’s always someone profiting from the misery of others