Centrica PLC on Thursday reported a significantly improved profit for 2021 and said that it should be in a position to restart its dividend soon.
The U.K. energy company, which owns British Gas, made a net profit of 1.21 billion pounds ($1.64 billion) last year up from GBP41 million in 2020, when the business was hurt by the Covid-19 pandemic and low energy prices.
Statutory profits were boosted by exceptional gains of GBP624 million related to the disposal of Direct Energy, and GBP997 million related to write-backs of impairments of upstream assets. This was partially offset by net losses of GBP755 million related to certain re-measurements.
Earnings before interest, taxes, depreciation and amortization excluding Direct Energy rose 38% to GBP1.85 billion. This was largely driven by Centrica’s oil-and-gas production assets, which benefited from higher prices, with upstream adjusted operating profit increasing to…