Scottish Gas owner Centrica reports £3.3 billion operating profit

Scottish Gas owner Centrica reports £3.3 billion operating profit

Chris O'Shea

Scottish Gas owner Centrica has shown a £3.3 billion operating profit in its preliminary results, following the growing wholesale energy price last year.

The energy giant’s operating profit grew nearly £2.4bn from £948 million in 2021. This surpassed the previous highest operating profit of £2.7bn, in 2012. Closing adjusted net cash was at £1.2bn at the end of 2022 compared to £0.7bn the previous year.

The firm has decided to boost its share buyback programme by £300 million, and to payout a recommended 2p a share final dividend to shareholders, after having cancelling the pay-out for the previous 3 years as a result of the pandemic.

Chris O’Shea, group chief executive, said: “Our performance in 2022 demonstrates the benefits of our balanced portfolio and our strong balance sheet. The energy crisis and cost of living pressures have created a challenging environment for customers and communities, but we have been able to provide much needed stability and support.

“We invested £75m in supporting our energy customers in 2022, which was greater than the £8 post-tax profit per customer earned by British Gas Energy.

“Whilst customers may see some relief given recent easing of prices, it remains clear that some will continue to need help and we will do what we can to support them in the year ahead.”

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