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

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 per cent from a year earlier.

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

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