Petrobras plummets 10% and loses R$55.3 billion in market value

Petrobras lost R$55.3 billion in market value this Friday (8). Shares plummeted more than 10% in the Ibovespa trading session, the main index on the Brazilian stock exchange (B3). The decline occurred after the company announced, on Thursday night (7), that it would not pay extraordinary dividends. The decision frustrated the financial market.

According to the balance sheet released by the company, net profit in 2023 was R$124.6 billion, a drop of 33.8% compared to 2022, when the amount reached R$188.3 billion, the highest in the historical series. In the fourth quarter of last year, Petrobras made a profit of R$31 billion, a reduction of 28.4% compared to the last three months of 2022.

Furthermore, the board of directors recommended the payment of R$14.2 billion to shareholders, without extraordinary dividends. The total estimated value of dividends is R$72.4 billion, if this remuneration is confirmed by the board, it will represent a reduction of 66% compared to 2022, when the state-owned company paid R$217 billion.

As a result, preferred shares fell 10.57%, while common shares fell 10.46%. Petrobras’ numbers impacted the Ibovespa, which ended the day down 0.98%, at 127,070 points. The commercial dollar closed the session up 0.97%, quoted at R$4.98.