Shell sees annual profit hit record US$42bil

LONDON: Shell net profit surged to a record US$42.3 billion last year, the British energy giant said today, as Russia’s invasion of Ukraine sent oil and gas prices soaring.

The post-tax figure was more than double the amount achieved in 2021, the group’s earnings statement revealed.

Shell said it would return US$4 billion to shareholders and significantly lift its dividend following the record earnings.

“Our results in the fourth quarter and across the full year demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world,” the group’s new chief executive Wael Sawan said in the earnings statement.