British energy producer announces mammoth profits

Centrica’s annual revenues have tripled as a result of higher prices for consumers

UK oil and gas producer Centrica, which owns services provider British Gas, has reported record profits for the 2022 financial year, becoming the latest energy giant to benefit from soaring costs.According to a company report on Thursday, operating profits jumped to £3.3 billion ($4 billion) from £948 million ($1.1 billion) a year earlier, surpassing the firm’s previous record annual profit of £2.7 billion ($3.2 billion), recorded in 2012.

Centrica announced it would hand £750 million ($900 million) of its profits to shareholders. The dividend for the year will be worth more than £200 million ($240 million), while a further £300 million ($360 million) will be spent boosting its share price by buying back its own stock. The sum comes on top of a £250 million ($300 million) share buyback already announced, which means Centrica will own 10% more of all shares currently issued.

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