OMVKY Omv Ag Bearer (PK)

By Olivia Bugault

OMV AG said Thursday that net profit fell in the fourth quarter, while revenue increased on the back of higher prices.

The Austrian oil-and-gas company reported a quarterly profit of 538 million euros ($608.2 million) from EUR1.88 billion the year before. On an adjusted basis, net profit was EUR1.02 billion compared with EUR219 million the previous year.

Sales rose to EUR13.35 billion from EUR4.96 billion due to "significantly higher market prices, especially gas prices and overall higher gas sales volumes," the company said.

Looking ahead, the company said it expects production to be around 470,000 barrels of oil equivalent a day in 2022 and the average Brent crude oil price to be around $75 a barrel.

The company also proposed a dividend of EUR2.30 a share, a 24% increase compared with the previous year.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

February 03, 2022 01:40 ET (06:40 GMT)

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