SÃO PAULO – Petrobras (PETR3 ; PETR4) recorded a net profit of R $ 40.137 billion in 2019, an increase of 55.7% over the amount recorded in 2018. The figure also represents the highest nominal profit in the history of publicly traded companies, according to Economatica.
In the fourth quarter of 2019 alone, the state’s net profit was R $ 8.153 billion – an increase of 287.87% over the same period last year. The value, however, came below analyst estimates consulted by Bloomberg, who predicted a gain of R $ 11.288 billion in the last three months of 2019 for the company.
The company’s adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) was R $ 129.249 billion in 2019, an increase of 12.54% over 2018.
In the fourth quarter alone, the figure was R $ 36.529 billion, an increase of 25.27% over the value recorded between October and December of the previous year. The figure, however, was slightly below the R $ 37.970 billion projected by analysts surveyed by Bloomberg.
The sales revenue of the state-owned company fell 2.58% in 2019, compared to 2018, totaling R $ 302.245 billion. In the last quarter of last year, sales revenue stood at R $ 81.771 billion, a slight decrease of 1.22% over the same period in 2018 and below market estimates of R $ 85.434 billion.
According to Petrobras, in terms of the composition of sales revenue, diesel continues to be the most relevant product, representing 48% of revenues from sales of oil products in the domestic market, followed by gasoline, with 22% of sales.
“Net revenues fell 2.6% in 2019, despite the expressive increase in exports of oil and oil products and the increase in natural gas revenue, due to the 2% reduction in Brent in reais, the lower volume of oil products sold at prices smaller ones, especially gasoline and naphtha ”, explained the state-owned company in its balance sheet.
Petrobras also stated that “the reduction in revenue from units abroad also contributed to the drop in revenues, reflecting the sale of E&P assets [exploração e produção] at Petrobras America, a distributor in Paraguay and a Pasadena refinery. ”
The state’s net debt has advanced 4.56% since the end of the third quarter of 2019, reaching US $ 78.861 billion in December, also above the US $ 69.378 billion presented a year earlier (+ 13.67%).
“Net debt increased by 4.6% due to the use of funds for payment of bonuses related to the auction of the surplus of the onerous assignment in December 2019,” said Petrobras.
“Deleveraging is a priority for Petrobras, whose objective is to reduce the adjusted net debt / EBITDA ratio to 1.5x in 2020, considering the effects of IFRS 16. On December 31, 2019, the adjusted net debt / EBITDA ratio was of 2.41x considering the effects of IFRS 16, an increase in relation to the 2.40x ratio on September 30, 2019. Excluding the effects of IFRS16, the net debt / adjusted EBITDA ratio would have decreased from 1.96x to 1.95x ”, Completed the company.
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