Centrica, which owns British Gas, announced an extension of a share buyback programme. Reuters
Centrica, which owns British Gas, announced an extension of a share buyback programme. Reuters
Centrica, which owns British Gas, announced an extension of a share buyback programme. Reuters
Centrica, which owns British Gas, announced an extension of a share buyback programme. Reuters

UK energy company Centrica triples profit


Matthew Davies
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Centrica, the company which owns British Gas, has seen its operating profit more than triple to £3.3 billion ($3.98 billion) in 2022, from £948 million in the previous year.

Energy firms have posted record earnings after Russia's invasion of Ukraine a year ago caused a spike in oil and gas prices.

As a result of the massive jump in profits, Centrica announced an extension of a share buyback programme which, when completed, will see 10 per cent of the share capital back in the company's hands.

Much of the profit rise came from Centrica's upstream oil and gas production operations. The company also has a 20 per cent interest in the UK's nuclear power generation sector.

A British Gas engineer. British Gas owner Centrica's full-year profit tripled last year, boosted by rocketing energy prices. PA
A British Gas engineer. British Gas owner Centrica's full-year profit tripled last year, boosted by rocketing energy prices. PA

Profits at Centrica's British Gas Energy arm, which supplies domestic customers, fell by 39 per cent to £72 million, which "largely reflects voluntary donations made to support customers and the repayment of furlough funds received by the Group in 2020," the company said.

Group chief executive Chris O’Shea said: "We invested £75 million in supporting our energy customers in 2022, which was greater than the £8 post-tax profit per customer earned by British Gas Energy. Whilst customers may see some relief given recent easing of prices, it remains clear that some will continue to need help and we will do what we can to support them in the year ahead."

In an effort to head off calls for a windfall tax, Centrica also noted at the top of their results statement that it has paid £1 billion in tax relating to 2022 profits.

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Read part one: how cars came to the UAE

MATCH INFO

Watford 1 (Deulofeu 80' p)

Chelsea 2 (Abraham 5', Pulisic 55')

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
Libya's Gold

UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves. 

The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.

Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.

A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.

Updated: February 16, 2023, 8:17 AM