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Petrobras has highest nine-month profit since 2011

ECONOMY

Income for the first nine months of the year stood at R$ 23.7 billion, the best number in eight years
published: Nov 06, 2018 06:10 PM last modified: Nov 06, 2018 06:10 PM

Better margins in exports and improved oil derivative sales in Brazil drove positive numbers Photo: Agência Brasil

Buoyed by organisational improvements and better management practices, Petrobras has returned to profit. In the first nine months of the year, the company made R$ 23.7 billion in income, the highest for the period since 2011. The numbers were released on Tuesday (6 November).

In a statement, the company explained that the performance was driven by increased margins in exports and sales of oil derivatives in Brazil. High oil prices and the devaluation of the real against the dollar also helped the results.

Petrobras said that growth was also helped by improved diesel sales and greater internal discipline to control expenses and reduce costs of capital due to lower indebtedness of the company.

House in order

“Our financial results prove that we are already reaping a lot of results from our recovery. This is the third consecutive quarter in which we recorded net income," said Petrobras President Ivan Monteiro.

In these nine months of profits, the State-owned oil company paid R$ 116.2 billion in municipal, state and federal taxes and government shares of oil production, as well as R$ 10.6 billion in profits to shareholders.

“We put the house in order," Monteiro said. "The resumption of our growth is positive not only for Petrobras, but also for the country, since the company generates resources for society through taxes and profit sharing, contributing to the development of Brazil through our value chain," he argued.