Brazil’s Petrobras has posted a net income of $5.34bn (R$31.14bn) for the third quarter (Q3) of 2021, as against a loss of $277m (R$1.546bn) a year ago.

The company attributed the rise in profit to the increase in oil products’ volumes and prices in the country, and the higher revenue from electricity and natural gas.

The firm’s net revenue stood at $21.78bn (R$121.6bn), an increase of 71.9% compared to $12.66bn (R$70.730bn) in Q3 2020.

In a press statement, the firm said: “We had positive results in 3Q21 with impairment reversal due to the revision of the short-term Brent curve, the gain from the receipt of the co-participation agreement regarding the surplus from the Transfer of Rights in the field and the effects of the non-incidence of income taxes on indexation charges over undue paid taxes.”

For the quarter that ended 30 September 2021, the firm’s adjusted EBITDA rose to $10.8bn (R$60.74bn) from $5.99bn (R$33.440bn) a year ago.

The Brazilian firm noted that it reduced its gross debt to $59.6bn from $79.58bn in the same period last year, reaching its target 15 months ahead of schedule. It set a gross debt target of $60bn for 2022.

Petrobras CEO Joaquim Silva e Luna said: “We reached our debt target much earlier than planned and we are sharing part of the wealth generated with society and our shareholders through taxes, dividends, job creation and investments.”