The financial statements of the international oil company, Shell, showed that the company's profits rose in the first quarter of this year by a significant increase of 184.4% year on year.
According to the company's results, the adjusted profits during the period ending last March amounted to about 9.1 billion dollars, compared to the profits of the same period in 2021, which amounted to 3.2 billion dollars.< /p>
The results also showed an increase in the company's profits in the first quarter of this year by 42.2% compared to the fourth quarter of the previous year, amounting to about $6.4 billion.
The profit growth came on the back of soaring commodity prices, which led to calls for an unexpected one-time tax on oil and gas companies to help UK households, the company said. With escalating energy bills.
Shell's results follow the higher profits seen across the oil and gas industry, even as many major energy companies incur costly writedowns from Russia's exit.
