Shell profit drops to 20-year low in 2020 at $4.8 billion, raises dividend

LONDON (Reuters) - 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% from a year earlier.

Its fourth-quarter profit was down 87% 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% from the previous quarter.

 

(Reporting by Ron Bousso and Shadia Nasralla; Editing by David Clarke)