LONDON: Anglo-Dutch oil titan Royal Dutch Shell on Thursday logged third-quarter net profit of $489 million (415 million euros), rebounding after a vast coronavirus-driven loss in the prior three months.
Profit after tax for July-September was boosted by steadier oil prices and contrasted with a vast net loss of $18.1 billion in the second quarter, when Shell was slammed by Covid-19.
Earlier this year, oil prices dropped off a cliff — and even briefly turned negative — as airlines grounded planes worldwide, businesses closed their doors and the world economy tanked into a downturn.
Crude futures also crashed on the back of a vicious price war between key producers Saudi Arabia and Russia.
But in the third quarter, Shell was boosted by a modest recovery in global crude demand and the more stable oil market, having taken a colossal $16.8-billion charge in April-June.
“Our decisive actions taken earlier in the year have solidified our operational and cash delivery,” said Shell Chief Executive Ben van Beurden, who oversees 80,000 staff across more than 70 countries.
Shell added Thursday that it would increase its shareholder payout by about four percent to 16.65 US cents for the third quarter, and annually thereafter.—AFP
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