TotalEnergies Reports Record Annual Profit At $21.4 Bn

French group TotalEnergies reported on Wednesday the highest profit of its history for 2023, underpinned by performances in its liquefied natural gas and electricity divisions.

Net profit came in at $21.4 billion, an increase of four percent over 2022, with the the energy giant proposing a 7.1 percent increase in its annual dividend.

After adjusting for non-recurring items net profit stood at $23.2 billion, a fall of 36 percent from 2022 when the company's bottom line was weighed down by the cost of its withdrawal from Russia following Moscow's invasion of Ukraine.

Chairman Patrick Pouyanne said in a statement that hydrocarbons had performed well in a context of oil and gas prices falling some 10 percent on average from 2022 when spiking oil prices had boosted earnings at energy companies worldwide.