Petrobras achieves a net profit of R$38.2 billion in the first quarter | Economy
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Petrobras reported net income 38.2 billion Brazilian reals In the first quarter, down 14.4% compared to the same period in 2022, the company reported this Thursday (11). Compared to the last three months of last year, the indentation was 12%.
According to the company, the result was affected by the drop in oil prices by 19.9% in the first quarter of 2023 compared to the same period in 2022.
This result is mainly explained by the devaluation [petróleo tipo] Brent’s lower financial results were partially offset by lower operating expenses.”
In addition, Petrobras pointed out that there are larger expenses with income tax – an increase 2.9 billion Brazilian reals.
However, the company’s profits came out higher than the expected result in a survey conducted by Refinitiv, 31.96 billion Brazilian reals.
Adjusted earnings before interest, taxes, amortization and amortization (Ebitda) 72.5 billion Brazilian reals In the first three months of the year, down 6.7% year-on-year and in line with what was observed in the last quarter. The company said the result is mainly explained by lower exploration expenses and legal contingencies.
Pay dividends of R$24 billion
The board of directors of the oil company agreed this Thursday (11) to pay an amount 24.7 billion Brazilian reals In earnings, as an advance for 2023. The amount was approved before the company’s results were disclosed.
In addition, the Board of Directors also decided that the Executive Board should prepare a proposal to adapt the strategic planning underway and improve the remuneration policy for Petrobras shareholders, including the possibility of share buybacks, and refer these matters to the Group for deliberation by the end of July 2023.
“The approved shareholder remuneration is in line with the current shareholder remuneration policy, which states that in the event of total debt of less than US$65 billion, Petrobras may distribute to its shareholders 60% of the difference between operating cash flow and the acquisition of fixed and intangible assets ( investments),” the company said.
The oil company also indicated that approving the proposal to reward shareholders is compatible with the company’s financial sustainability.
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