Petrobras’ profit falls 33% in Lula’s first year, and dividends should be R$ 72.4 billion – 03/07/2024 – Market

Petrobras announced on Thursday night (7) that it ended 2023 with an annual profit of R$124.6 billion. This first result of the Luiz Inácio Lula da Silva (PT) administration represents a 33.8% drop compared to the R$188.3 billion recorded in 2022, the last year of the Jair Bolsonaro (PL) government.

That year, the state-owned company’s result was the highest recorded by a Brazilian company. In 2021, the profit had already been the highest in the oil company’s history.

The retraction, however, was already expected. In those two years, the exceptional returns were due to the increase in the price of a barrel of oil, driven by Russia’s war against Ukraine. In 2023, the opposite occurred, international oil prices were better behaved.

Petrobras also announced that the board of directors authorized the distribution of dividends equivalent to R$14.2 billion remaining for the fourth quarter of 2023. The amount will be sent for evaluation at the AGO (Ordinary General Assembly), scheduled for April 25, 2024.

If approved, the company will pay total dividends of R$72.4 billion in relation to last year. The value is slightly below what was predicted by the market, which expected R$90 billion.