PARIS: French group TotalEnergies reported on Wednesday the highest profit of its history for 2023, underpinned by performances in its liquefied natural gas and electricity divisions.
Net profit came in at $21.4 billion, an increase of four percent over 2022, with the the energy giant proposing a 7.1 percent increase in its annual dividend.
After adjusting for non-recurring items net profit stood at $23.2 billion, a fall of 36 percent from 2022 when the company’s bottom line was weighed down by the cost of its withdrawal from Russia following Moscow’s invasion of Ukraine.
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Chairman Patrick Pouyanne said in a statement that hydrocarbons had performed well in a context of oil and gas prices falling some 10 percent on average from 2022 when spiking oil prices had boosted earnings at energy companies worldwide.