Petrobras reports a net profit of BRL 32.6 billion in the third quarter of 2024

Brazilian state-run oil firm announced R$ 17.12 billion (US$ 3 billion) in dividends

Camille Bocanegra

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Petrobras (NY: PBR; B3: PETR3 – NY: PBR/A; B3: PETR4) on Thursday (7) reported an increase of around 22% in its third-quarter net profit, and announced R$ 17.12 billion (US$ 3 billion) in dividends.

The company posted a net profit of R$ 32.6 billion (US$ 5.7 billion) for the quarter ended in September.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) landed at 63.7 billion reais, marking a 3.8% decrease year on year but matching analysts’ expectations pooled by LSEG.

The oil company reported a net profit of R$ 32.6 billion, an increase of 22.3% compared to the same period last year. On a recurring basis, it reported a profit of R$ 32.92 billion – an increase of 20.9%.

Leia em português: Petrobras (PETR4) tem lucro de R$ 32,6 bilhões no 3º trimestre, alta de 22,3%

Its net revenue from sales increased by 3.8% to R$ 129.6 billion, topping the expectation of R$ 125 billion.

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In a separate filing, Petrobras said its board had approved doling out R$ 17.12 billion (US$ 3 billion) in dividends, or R$ 1.3282 per share.

The firm in the third quarter invested about US$ 4.5 billion, around 31% more than in the same period of 2023, it said, most of it on exploration and production.

(Reuters contributed to this story)