Warren Buffett’s Berkshire Hathaway reported its highest-ever annual operating profit on Saturday, even as losses in foreign currencies and lower investment gains caused fourth-quarter profit to drop.
Buffett called 2022 a “good year” for Berkshire in his annual shareholder letter, after the conglomerate’s dozens of businesses generated $30.8 billion in profit despite rising inflation and supply chain disruptions, including generated by the war in Ukraine.
Berkshire also increased its cash, ending the year with US$ 128.6 billion.
The Omaha, Nebraska-based conglomerate sold about $16.3 billion of shares in the fourth quarter and found better value by buying back its own shares, buying back $2.6 billion in the quarter and $7.9 billion in 2022 as a whole.
Berkshire shareholders “trust us to handle their money as if it were our own,” Buffett said in his letter. “And that’s a promise we can make.”
Quarterly operating profit fell 8% to $6.71 billion, or $4.596 per Class A share from $7.29 billion.
Source: CNN Brasil
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