French energy conglomerate TotalEnergies has announced a record-breaking net profit of $21.4 billion (£16.9bn) for the year 2023, marking a 4% increase from the previous year.
However, the 2023 profit fell short of financial analysts’ forecasts, who had anticipated figures reaching up to $23.7 billion (£18.7bn).
Adjusted net profit for the year experienced a significant decline of 36% to $23.2 billion (£18.3bn) when excluding non-recurring items.
In the fourth quarter alone, adjusted net operating income from business segments dropped by 31% compared to the same period in 2022, amounting to $5.7 billion (£4.5bn).
TotalEnergies Chairman Patrick Pouyanne described the results as “robust” and emphasised the company’s resilience in navigating an uncertain business environment.
Mr Pouyanne said: “In an uncertain environment, TotalEnergies’ balanced transition strategy, which combines growth in oil and gas, in particular in LNG, and Integrated Power, delivered strong results in 2023, in line with its objectives.”
