Royal Dutch Shell has notched up a 36% hike in annual earnings thanks to higher oil prices.
The blue chip giant posted underlying earnings of 21.4 billion US dollars (€18.6 billion) for 2018, with its fourth-quarter profits up by 32% to 5.7 billion US dollars (€5 billion) despite more recent falls in the cost of crude.
On a reported basis, earnings attributable to shareholders nearly doubled, up 97% to 23.8 billion US dollars (€20.7 billion).
Our strong results for the fourth quarter of 2018 and positive performance throughout the year show that our strategy is working. Hear from Shell CFO Jessica Uhl 📺 #ShellResults pic.twitter.com/1yqIfVB65W
— Shell (@Shell) January 31, 2019
Chief executive Ben van Beurden said: “Shell delivered a very strong financial performance in 2018.
“We delivered on our promises for the year, including the completion of the 30 billion US dollar divestment programme and starting up key growth projects while maintaining discipline on capital investment.”
The underlying profit haul was its highest for four years and was better than analysts expected.
As well as higher oil prices throughout the bulk of the year, Shell also benefited from dramatic cost-cutting, while it has likewise been selling off assets.
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