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 17 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.
