The state-owned company’s revenues drop 26% compared to the same period in 2022; company will distribute R$17.5 billion in dividends
A Petrobras recorded a net profit of R$26.6 billion in the 3rd quarter of 2023. This is a 42% drop compared to the same period last year, when the state-owned company made a profit of R$46 billion. The result was released to the market on Thursday night (9.Nov.2023). Here’s the complete balance sheet (PDF – 1 MB).
Gross profit in the quarter was R$66.3 billion. According to the state-owned company, the result was influenced by the appreciation of oil and greater volumes of exports and sales of derivatives. On the other hand, the net result was impacted by the devaluation of the real against the dollar, and higher operating expenses, particularly higher exploration costs and lower gains from the sale of assets.
In 2023, the company’s net profit is R$93.5 billion. The value is 35% lower than that recorded in the first 9 months of 2022. The drop is explained by the devaluation of the barrel compared to last year. The oil company said that the variable did not affect not only the Petrobras, but the oil, gas and derivatives industry as a whole. The state-owned company also said that its operating cash flow is above the average for companies in the sector.
The company’s revenues fell 26.6% when comparing the 3rd quarter of 2022 with this year. Revenue from sales was R$124.8 billion.
Operating expenses, on the other hand, increased 41%, reaching R$17.5 billion. Growth was driven by an increase in exploratory spending, as projects in production development were economically unfeasible.
Adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) in the quarter was R$66.2 billion, a drop of 27.6%.
“We had an excellent 3rd quarter with operational records in exploration and production, refining and gas processing; We continued with our commercial strategy for fuels, which has proven to be successful, making Petrobras more competitive in the market and at the same time allowing periods of stability for the consumer. And all of this with socio-environmental responsibility, solid and consistent financial results, contributing to society and rewarding the company’s shareholders”said the president of Petrobras, Jean Paul Prates.
Petrobras also announced this Thursday (Nov 9) the payment of dividends and JCP (interest on equity) in the amount of R$ 17.5 billion. This is an anticipation of shareholder remuneration for the 2023 financial year, declared based on the balance sheet as of September 30, 2023. Here is the complete of the relevant fact (PDF – 92 kB).
The amount to be paid is R$1.34 per common and preferred share, in two installments. The proposed dividends already take into account the value of shares repurchased in the 3rd quarter of 2023 of R$974 million.
Read other highlights from Petrobras’ balance sheet for the 3rd quarter of 2023:
- investments – R$3.4 billion (59% increase compared to the 2nd quarter of 2022);
- gross debt – US$ 61 million (increase of 12.4%);
- operating cash flow – R$56.5 billion (drop of 10.6%).
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