Royal Dutch Envelope raised its dividend Thursday after it easily brought in quarterly earnings forecast and unveiled plans to cut oil and gas activity as it advances in the shift toward low-carbon energy.
The Anglo-Dutch company managed to make record profits from the mega-retail sector despite the impact of the Cubid 19 epidemic on demand, which it says still raises “a lot of mystery”.
In a sign of renewed confidence in its financial position, Shalit said it would increase its profits year on year after cutting in April for the first time since the 1940s.
“We are entering a new era of cash earnings growth,” CEO Ben Van Borden told reporters on a conference call.
Envelope intends to undertake a major reorganization as part of “sweeping change” to reduce global warming emissions to reach a complete ban by 2050.
In line with these plans, the company announced today that it will cut its oil refining sites to six from 2 p.m. Shell plans to cut 9,000 jobs, equivalent to 10% of its workforce.
Adjusted third-quarter profit came to $ 955 million, down 80 percent, but easily exceeded analyst expectations of $ 146 million.
Envelope raised its quarterly cash dividend to 16.65 cents.
The results came in support of record profits in the mega marketing space of the world’s largest retail chain. The sector’s profits increased by 10% during the quarter compared to the same year to reach $ 1.6 billion, despite a drop in sales of more than 20% compared to the previous year.