Petrobras post record net profit of R$40.1bn

Its asset divestment program helped Petrobras report a record net profit of R$40.1 billion in 2019. That’s 55.7% higher than the previous years and ensures shareholders R$10.6 billion in dividends and interest on equity. The board also approved R$1.7 billion in dividends to shareholders of common stock and R$2.5 million for holders of preferred ones. Overall, the state-owned oil giant was able to set aside $14.6 billion from asset sales – the divestment of TAG and BR Distribuidora alone raised $11.3 billion. Cost-cutting also played a role, generating a record adjusted EBITDA of R$129.2 billion, up 12.5% from 2018. Extraction costs fell $6.5 per barrel, from a drop of $3 attained in 2018.

Source: Valor Econômico