07/03/2024 – 23:03
The Petrobrás Board of Directors authorized the distribution of dividends equivalent to R$14.2 billion relating to the company's results in the fourth quarter of 2023.
The proposal will be forwarded to the Ordinary General Assembly (AGO), scheduled for April 25, 2024, for approval.
If approved, considering anticipated dividends, total dividends for the 2023 financial year will total R$72.4 billion.
According to the company, the proposed distribution is in line with the Shareholder Remuneration Policy approved on July 28, 2023, which provides that, in the case of gross debt equal to or lower than the maximum level of debt defined in the strategic plan in force (currently US$ 65 billion), Petrobras must distribute 45% of the free cash flow to its shareholders.
The complementary dividends for the fourth quarter will be paid in two equal installments in May and June 2024 in the amount of R$1.09894844 per preferred and common share. The first installment is in the amount of R$0.54947422 per preferred and common share and the second installment is in the amount of R$0.54947422 per preferred and ordinary share.
The cut-off date will be April 25, 2024 for holders of shares issued by Petrobras traded on B3 and the record date will be April 29, 2024 for holders of ADRs traded on the New York Stock Exchange (NYSE).
Petrobras informed that the dividends will be paid in May and June, with no set date yet.
Second highest net profit in its history
This Thursday (7), Petrobrás also reported that it recorded a net profit of R$124.6 billion in 2023, the first year under PT management. The result represents a drop of 33.*8% compared to the record gain of R$188.3 billion recorded in 2022. Despite the decline, the state-owned company reported that it is the second highest net profit in its history.
In relation to the fourth quarter of 2023, the state-owned company made a profit of R$31.043 billion, lower than the R$43 billion recorded in the last quarter of 2022. Analysts predicted earnings of between R$34 billion and R$36 billion.
In 2023, Petrobras invested US$12.7 billion, an increase of 29% compared to the previous year. Furthermore, the company paid R$240 billion in taxes to the Union and other public entities.
Another result that stands out in Petrobras' financial data in 2023 is the reduction of US$1.2 billion in the company's financial debt. Gross debt remains under control, at US$62.6 billion, even after the increase of US$10 billion related to leases, including US$8.7 billion related to the charter of the four new production platforms that started production in 2023.
“This is the first year of a journey that will lead Petrobras to lead the fair energy transition in Brazil gradually and consciously. We will face the challenges by taking advantage of synergies with our businesses and leveraging our expertise, never neglecting the generation of economic value, as could be the case for a company that wants to remain competitive and perpetuate value for future generations”, highlights the president of Petrobras, Jean Paul Prates.
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