Sage of Omaha – Warren Buffett
Berkshire Hathaway announced, on Saturday, a significant rise in operating profits in the fourth quarter, thanks to huge gains in its insurance business, while its cash flow jumped to record levels.
Berkshire Hathaway, affiliated with billionaire Warren Buffett, achieved operating profits (which refers to profits from a group of its subsidiaries in the areas of insurance, railways and utilities) of $8.5 billion in the fourth quarter, a growth of 28 percent, compared to the $6.6 billion it had recorded in the quarter. Similar from 2022.
For all of 2023, total operating profit rose to $37.35 billion in 2023, up 21 percent from $30.85 billion the year before.
Omaha-based Berkshire also held $167.6 billion in cash in the fourth quarter, a record high that exceeds the previous high of $157.2 billion in the previous quarter.
In his annual letter to Berkshire shareholders, Buffett said that the performance of Berkshire’s insurance companies was “very good,” including Geico, which achieved profits in contrast to the losses it incurred in 2022.
The company’s net income reached a record level of $96.2 billion in 2023 (including $58.8 billion in investment and derivatives profits and $37.4 billion in operating profits), as the rise in the stock market supported the value of the company’s stock portfolio amounting to $354 billion, half of which is in Apple. .
Annual profits of $96.2 billion exceeded the record profits achieved by the company in 2021, valued at $89.9 billion.
Berkshire had lost $22.8 billion in 2022, affected by the decline in the stock market, as it recorded losses in investments and derivatives at the time of $53.6 billion.
Net income in the fourth quarter of last year amounted to about $37.6 billion (including $29.1 billion in investment and derivatives profits and $8.5 billion in operating profits), an increase of about two times (equivalent to 108 percent) compared to $18 billion in the same quarter of 2022.
Corporate news
2024-02-25 07:07:30
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