*Brazil’s state-controlled oil company Petrobras has released its annual financial results, showing a net profit of R$124.61bn (US$25.25bn) for 2023. This marks a 33.8% decrease from the net profit of R$188.33bn registered for 2022. Annual sales revenue decreased by 20.2%, from R$641.26bn in 2022 to R$511.99bn last year. The overall net revenue for oil-derived products totalled R$312.51bn in 2023, down 20.4% year-on-year. A significant drop in net revenue was also registered for renewables and nitrogenous fertilisers, posting R$467m in annual revenue, down 67.9% from 2022. In a press release, Petrobras CEO Jean Paul Prates is cited as saying that “despite this more challenging [global] scenario [such as an annual drop in the price of Brent crude and diesel], we broke production records, increased investments, reduced our financial debt, and put four new [oil processing] platforms into operation”.
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LatinNews Daily - 08 March 2024
In brief: Brazil’s Petrobras posts drop in net profit
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