Petrobras smashes all-time profit record

In a securities filing, the firm, formally Petroleo Brasileiro SA, posted a yearly net income of 106.7 billion reais (US$21.3bil or RM89bil).That was more than double Petrobras’ previous record, set in 2019, when the firm posted a profit of 40.1 billion reais (RM33.6bil), which was about US$9.2bil (RM39bil) at the contemporaneous exchange rate

RIO DE JANEIRO: Brazilian state-run oil company Petrobras smashed its all-time record for annual profits and dividend payouts in 2021, as sky-high Brent prices and a laser focus on the firm’s exploration and production business continued to bear fruit.

In a securities filing, the firm, formally Petroleo Brasileiro SA, posted a yearly net income of 106.7 billion reais (US$21.3bil or RM89bil).

That was more than double Petrobras’ previous record, set in 2019, when the firm posted a profit of 40.1 billion reais (RM33.6bil), which was about US$9.2bil (RM39bil) at the contemporaneous exchange rate

.It was also well above the Refinitiv consensus estimate of 74.3 billion reais (RM62bil), thanks in part to significant one-off boosts, including asset divestments, impairment reversions and a victory in a major tax dispute. “Recurring” annual profit came in at 83.3 billion reais (RM69.7bil).