Petrobras approves BRL 24.7 billion in dividends – 05/11/2023 – Market

Petrobras informed this Thursday (11) that it will pay R$ 1.89 per share in dividends in anticipation of the 2023 fiscal year. The amount corresponds to a total volume of R$ 24.7 billion, according to calculations by the TradeMap platform .

The value was higher than expected by the market. Analysts at Ativa Investimentos were projecting a dividend of R$16.4 billion, or R$1.26 per share. The announcement made the company’s common and preferred shares close sharply on the Stock Exchange, with gains between 2% and 3%.

“With regard to the approved shareholder remuneration, the amount is in line with the current Shareholder Remuneration Policy, which provides that, in case of gross debt of less than US$ 65 billion, Petrobras must distribute to its shareholders 60% of the difference between the operating cash flow and acquisitions of fixed and intangible assets (investments)”, says Petrobras in the material fact.

In the document, the company also says that the board of directors determined that the executive board prepare a proposal to adjust the ongoing strategic planning and improve the remuneration policy for shareholders, including the possibility of share buybacks, and submit the matters for deliberation before of the end of July 2023.

“Thus, the company will be able to take an effective step towards reducing the distribution of earnings from its next result”, say the analysts of Ativa.

Over the last few months, the government of President Luiz Inácio Lula da Silva (PT) has signaled to the market that it intends to review the policy for distributing the company’s dividends, with a greater allocation of resources to investments in the expansion of the operation.

This Thursday, the Chief Executive again criticized the privatization of Eletrobras and said that Correios and Petrobras will not be privatized.

“We are not going to sell anything from Petrobras anymore, the Post Office will not be sold. We are going to try to make sure that Petrobras can have the cheapest gasoline, the cheapest diesel oil,” he said during an event in Salvador.