Shell profit drops to 20-year low in 2020, raises dividend

Shell’s annual adjusted earnings dropped to $4.8 billion, down 71% from a year earlier

Reuters

04 February, 2021, 01:50 pm

Last modified: 04 February, 2021, 01:56 pm

The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw, Belgium, 30 January, 2019/ Reuters

Royal Dutch Shell's 2020 profit dropped to its lowest in at least two decades as the pandemic hit energy consumption but the company boosted its dividend again in a sign of confidence.

Shell's annual adjusted earnings dropped to $4.8 billion, down 71% from a year earlier.

Its fourth-quarter profit was down 87% from a year earlier and below expectations, dragged down by continued weak energy consumption due to the pandemic.

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Shell said it expected to raise its first-quarter dividend by 4% from the previous quarter.

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