Petrobras’ profit is highest in history among publicly traded companies in the country

Petrobras refinery in Paulínia (SP)
Foto: Paulo Whitaker/Reuters

The result recorded by Petrobras in the fourth quarter of 2020, it was the highest quarterly profit in the history of publicly traded companies in Brazil, according to economic analysis firm Economatica. Net income was R $ 59.9 billion, an increase of more than 634% over the same period in 2019, when the company had profited R $ 8.15 billion.

In one of the analyzes, Economatica took into account historical quarterly earnings adjusted for inflation in the period from 1986 to December 2020. With the adjustments made by the IPCA, Petrobras appears ten times as the leader of the highest profits in history, in front of the Vale, with seven participations.

Petrobras is also the company that most appears in the ranking of the 20 that had the highest quarterly profits without adjusting for inflation, with nine shares – followed by mining company Vale, with seven shares.

In the accumulated for 2020, Petrobras had a net profit of R $ 7.1 billion, down 82.3% compared to the previous year, when the company obtained a profit of R $ 40.1 billion, the highest annual result in the history of Petrobras. company.

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Last year, the company’s cash grew 93% compared to 2019, closing the year of the new coronavirus pandemic with R $ 64.2 billion.

Despite the profit, according to Economatica, petrobras’ debt also increased. In December 2020, the gross debt was R $ 328.2 billion, an increase of 11.8% in relation to 2019, in the second consecutive year of increase.

According to Economatica, a large part of the debt growth is due to the appreciation of the dollar last year, “since a portion of the company’s debt is in foreign currency and the appreciation of the dollar causes the debt in reais to be greater” .

And the market value?

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Amid controversies and political interference, Petrobras closed Wednesday (24) with a market value 16% lower than the end of 2020, of R $ 323.6 billion.

In 2019, the company was worth R $ 407.2 billion. Despite the pandemic, it closed last year with an evaluation of R $ 373.4 billion.

The state-owned company record was broken in 2007, when the company was worth R $ 429.9 billion. Even with the fall in value in 2021, nothing compares to 2015 – driven by Lava Jato, Petrobras’ market value fell to R $ 101.3 billion.

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