In light of soaring energy prices and production, Centrica‘s (CNA.L) profits tripled to a record-breaking £3.3 billion last year.

Paving the way for a £300 million share buy-back and sending the company’s shares to their highest level in nearly four years.

Millions of British households are struggling to pay their energy bills, and the company is under scrutiny after debt agents working for Centrica’s British Gas business installed prepayment meters in the homes of some vulnerable customers.

In addition, BP and Shell reported record profits for 2022 of £28 billion and £40 billion, respectively.

CEO Chris O’Shea said on a conference call with reporters on Thursday that the newspaper’s revelations were profoundly troubling and that the company has halted forced prepay meter installments and is investigating. O’Shea stated that cost-of-living pressures had created a challenging environment for customers and defended the company’s record profits by stating that it had spent £75 million ($90.44 million) on support schemes for retail and business customers in the previous year.

“It’s essential that companies that contribute to our country are profitable,” he said. The British government is currently subsidizing gas and electricity costs for most households, but even with this assistance, costs are approximately three times higher than before the pandemic and Russia’s invasion of Ukraine. O’Shea stated that British Gas’s profits decreased, with British Gas Energy’s adjusted operating profit falling 39% to £72 million.

Centrica’s earnings were bolstered by soaring profits in its upstream oil and gas division, as wholesale gas prices reached record highs last year due to a reduction in Russian gas supplies to Europe following Moscow’s invasion of Ukraine.

The company owns a 20% stake in Britain’s nuclear power plants, which increased production last year and benefited from higher electricity prices.

In its 2018 interim results, Centrica reinstated its dividend for the first time since 2019. On Thursday, the company proposed a final dividend of 2 pence, bringing the total dividend for the year to 3 pence.

The extension of the company’s share buy-back programme, in addition to the previously announced £250 million buy-backs, will result in the company purchasing 10% of its capital, according to the group. Last year, Centrica partially reopened its rough gas storage site, which closed in 2017, to ensure winter gas supplies. O’Shea anticipated the facility would be available for the winter of 23/24 at the same 30 billion cubic metre capacity.

In 2022, Centrica’s total adjusted operating profit increased from £948 million to £3.3 billion. The company’s shares rose more than 5% on Thursday morning, reaching their highest since May 2019.