Centrica PLC on Thursday reported significantly better profits for 2021 and said it should be in a position to restart its dividend soon.
The UK energy company, which owns British Gas, posted a net profit of 1.21 billion pounds ($1.64 billion) last year, up from GBP41 million in 2020, when business was hit by the Covid-19 pandemic and low energy prices. Was.
Statutory gains were boosted by extraordinary gains of GBP624 million related to the disposal of direct energy and GBP997 million related to write-backs of impairments of upstream assets. This was partially offset by a net loss of GBP755 million related to some re-measurements.
Excluding direct energy, earnings before interest, taxes, depreciation and amortization increased 38% to GBP1.85 billion. This was largely driven by Centrica’s oil and gas production assets, which benefited from higher prices, with upstream adjusted operating profit increasing from GBP90 million to GBP663 million.
“The financial performance of 2021 was resilient, and we continue to make good progress toward the turnaround of Centrica, materially completing the simplification of our portfolio,” said Chief Executive Chris O’Shea.
Centrica will not pay a dividend with respect to 2021, but said it should be in a position to restart it soon as the balance sheet is now strong.
This story has been published without modification to the text from a wire agency feed
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