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Energy giant Shell's annual profits surge to £32BN in wake of Russia's invasion of Ukraine

Energy giant Shell’s profits increased to £32 billion ($39.9bn) in 2022 due to soaring oil prices in the wake of Russia’s invasion of Ukraine. 

It represented the company’s highest profit in its 115-year history and surpassed the expectations of industry experts. 

The London-listed oil major told investors that adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) leapt 53 per cent against the previous year, after energy prices were catapulted higher following the Russian invasion of Ukraine.

Adjusted earnings, including taxes, more than doubled to $39.9 billion (£32.2 billion).

The figures are part of a debut set of results for Wael Sawan, who took over as chief executive at the start of the year. 

Shell chief executive Wael Sawan said: ‘Our results in Q4 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.

‘We believe that Shell is well positioned to be the trusted partner through the energy transition.

‘As we continue to put our Powering Progress strategy into action, we will build on our core strengths, further simplify the organisation and focus on performance.

Source of data and images: dailymail

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