Shell raises dividend after strong Q1 profit rise

[LONDON] Royal Dutch Shell raised its dividend by 4 per cent on Thursday after reporting stronger-than-expected first quarter profits due to asset sales and higher oil and liquefied natural gas prices.

First-quarter adjusted earnings rose to US$3.23 billion, up more than seven-fold from the previous quarter and exceeding an average analyst forecast provided by the company for a US$3.13 billion profit.

That compares with earnings of US$2.9 billion a year ago.

Shell said in February it would increase its dividend in the first quarter by 4 per cent, the second increase since its slashed its payout by two-thirds at the start of last year due to the pandemic.

REUTERS