(Bloomberg) --
Royal Dutch Shell (LON:RDSa) Plc raised its dividend and pledged to grow the payout steadily, just six months after slashing it for the first time since the Second World War.
Amid a painful year for Big Oil, the Anglo-Dutch energy giant offered investors some good news. It also reported a larger-than-expected profit for the third quarter, even as most of its divisions continued to be battered by the coronavirus pandemic.
Shell’s dividend will grow by 4% to 16.65 cents a share for the quarter, and increase annually thereafter, the company said in a statement on Thursday.
“Our sector-leading cash flows will enable us to grow our businesses of the future while increasing shareholder distributions, making us a compelling investment case,” Chief Executive Officer Ben van Beurden said in the statement.
Shell’s adjusted net income was $955 million in the third quarter, down 80% from the same period a year ago, but better than even the highest analyst estimate.
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