Search Site

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.

Meraas awards construction contract

The $272m contract has been awarded for Bluewaters Bay.

SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

TotalEnergies Q1 profit up 12%

Net profit was $5.6 billion (5.1 billion euros) for the first quarter. (AFP)
  • TotalEnergies revealed that the net profit during the first three months was $5.6 billion in 2023.
  • Jump in oil, gas prices post Russia-Ukraine war boosted TotalEnergies' profit to $20.5bn in 2022.

Paris, France – French energy giant TotalEnergies announced Thursday a 12-percent rise in net profit in the first three months of the year despite gas and oil prices falling.

Net profit was $5.6 billion (5.1 billion euros) for the first quarter compared to $4.9 billion during the same period last year, the company said.

And it was a 70-percent gain compared to net profit in the last three months of 2022.

“TotalEnergies once again demonstrates its ability to generate strong results… in an environment of lower oil and gas prices,” it said in a statement.

The oil and gas giant also announced it had sold its oil sands activities in Canada to SunCor Energy for $4.1 billion.

The French firm said it had accepted an offer from Suncor Energy “for the acquisition of the entirety of the shares of TotalEnergies EP Canada Ltd”.

The deal aims to be finalized before the end of the third quarter of this year, it said.

The French firm has said high oil and gas prices following Russia’s invasion of Ukraine in February last year bolstered its net profit to a record $20.5 billion in 2022.

The massive profits sparked renewed debate about taxing windfall earnings to help fund measures to protect consumers from rampant inflation.

Oil prices have tumbled in recent months, and Brent North Sea crude stood below $80 per barrel on Thursday.