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October 29, 2021

Petrobras swings to Q3 profit of $5.34bn

The Brazilian energy giant reduced its gross debt to $59.6bn during the quarter, while adjusted EBITDA rose to $10.8bn.

By Archana Rani

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.

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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.”

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Identify the trends of tomorrow using filings sentiment analysis

Business sentiment continues to improve, showing a clear recovery since the onset of COVID-19. Sentiment in 2021 was up by 8% compared to 2020. Industrials had the highest sequential filings sentiment growth in Q3 2021. Optimism around digital themes and general outlook drove the positive trend in overall business sentiment. GlobalData’s Filing Analytics Annual Report 2021 on Industrials provides insights into sentiment and mention trends for companies, geographies, and themes. Get real-time analysis of:
  • Quarterly & annual reports
  • Earnings call transcripts
  • IPO filings
  • Events presentations
  • ESG filing trends
Understand the overall outlook for ADS, Construction, Mining, Oil & Gas, Power and Automotive, and spot the topics and themes that will be most impactful in the next few years. Download the full report to understand what to expect and how to align your business for success.
by GlobalData
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