The Brazilian oil company Petrobras approved the distribution of 20,000 million reais (about 3,300 million euros) in extraordinary dividends to its shareholders.
The value decided on Thursday by the board of directors of Brazil’s largest company is equivalent to 1.55 reais (0.25 euros) for each preferred or ordinary share in circulation.
Petrobras stated in a statement that the measure is in line with the current remuneration policy, which provides for the distribution of extraordinary dividends “as long as financial sustainability is preserved.”
The extraordinary dividends were a source of tension between the previous president of the company, Jean Paul Prates, who was in favor of the distribution, and part of the government of President Luiz Inácio Lula da Silva who was opposed.
Lula da Silva declared in March that Petrobras, as a state-controlled company, “I couldn’t only think about my shareholders” and that it needed to invest more in research and infrastructure.
The criticism sank the oil company’s shares on the stock market, forcing the Government to reverse its refusal to distribute extraordinary dividends.
However, in May, Lula ended up dismissing Jean Paul Prates and appointing the current president, Magda Chambriard, former director of the National Petroleum Agency, the regulatory body for the sector in Brazil.
Petrobras is experiencing a period of instability, with six presidents in a few years, at a time when the world’s main oil companies find themselves at a crossroads in the face of the challenge of the energy transition.
Petrobras registered a net profit of 53,650 million reais (8,720 million euros) in the first nine months of the year, 47.7% less compared to the same period in 2023.
The Brazilian giant stated on November 7 that the sharp reduction in its profits was due to the agreement it signed this year with the Government to end long-standing tax disputes.
According to the company, without the extraordinary effects of the tax agreement, Petrobras’ profit between January and September would be 72,530 million reais (about 11,820 million euros), 23.7% less than that registered in the first nine months of the year. past.
According to its balance sheet, Petrobras reversed a loss of 2.61 billion reais (430 million euros) in the second quarter with a “solid” profit of 32.56 billion reais (5.3 billion euros) in the third quarter.
The third quarter profit was 22.3% higher than that registered in the same period of 2023.
Source: Observadora
