HONG KONG, March 18: Noble group of Hong Kong announced a record profit of $23.5 million during the year ended December 31, 2001, according to a press release of the company. Listed on Singapore’s main-board the group is Asia’s largest commodity trading company involved in diversified trades.

The chairman of Noble group, Richard S Elman, said these figures represent record achievement for the company and reflect a combination of strong performance in nearly all trading activities of the company.

He said that company’s balance sheet remains very conservatively positioned and will continue to ensure flexibility in the expansion programmes. The shareholders’ funds, he said, stand at an all-time-high at $126.5 million and cash balances at year-end were $115 million.

In 2001, he said, the Noble group managed to consolidate and integrate its existing business activities, particularly in ferro-alloys, coal and coke, iron ore, clean fuels, chartering and technical vessel management businesses.

The company’s cocoa and sugar businesses, which were in the process of developing their franchises during the year, came into their own and performed well, he added.

Elman said that in late May the Noble group completed the purchase of the Asian grain operations of the Swiss company, Andre & Cie S A. This represents a major acquisition for Noble that encompasses 16 operating companies located in 10 countries in Asia.