There are businesses that are highly profitable even in a commodity market. Profits go to zero on the marginal supplier in a perfect market. Any supplier who has a lower cost base than the marginal supplier is profitable.

The canonical example is oil. It costs about $3 to pull a barrel of oil from the ground and pipe it to port in the best oil fields of Saudi Arabia. OTOH, Canadian tar sands cost $50 to pull out of the ground and another $10+ to get to port. During normal times the natural price of oil is ~$60.

Those numbers have gotta be old-distro prices