P&L IN REAL TERMS
You’d expect to have the P&L stated by US$ 100,000 of capital used.
Figure-4 Noble Group Profitability per $US 100,000 of capital
Figure 4 tells us that if Noble Group’s profit is too low / expansive in real terms.
In all fairness, Noble Group doesn’t make it and if is was a trade floor at a bank, they’d be cut out.
The commodity trading unit is at least two to three times less than the threshold that a JP Morgan or a Citigroup would set PER $100,000 for their proprietary capital.
Bankers, arguably the experts in risks, do not trade a very-low profitable book and lend money to the cash-addicted company instead of trading directly.
You would also expect to have the P&L PER US$ 100,000 of capital stated in relative terms:
Figure-5 Noble Group Profitability per $US 100,000 of capital vs Cargill