Friday, March 29, 2024 | Ramadan 18, 1445 H
clear sky
weather
OMAN
25°C / 25°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Shell’s 2018 profits soar to four-year high

1120620
1120620
minus
plus


LONDON: Royal Dutch Shell’s profits jumped by more than a third in 2018 to $21.4 billion, the highest since 2014, as the oil and gas producer vowed to stick to spending discipline.


The Anglo-Dutch company also reported a sharp rise in cash generation, in a further sign that cost savings since the 2014 downturn are filtering into its operations.


“We delivered on our promises for the year, including the completion of the $30 billion divestment programme and starting up key growth projects while maintaining discipline on capital investment,” Chief Executive Officer Ben van Beurden (pictured) said in a statement.


“We will continue with a strong delivery focus in 2019, with a disciplined approach to capital investment and growing both our cash flow and returns,” he added.


Shell’s 2018 profits rose 36 per cent to $21.4 billion, beating the $20.98 billion in a company-provided forecast.


In the fourth quarter net income attributable to shareholders, based on a current cost of supplies (CCS) and excluding identified items, rose 32 per cent to $5.69 billion as cost cuts filtered through. — AFP



SHARE ARTICLE
arrow up
home icon