A challenging quarter for Petrobras (PBR)
Petrobras posts annual profit despite falling short of expectations
Brazilian oil giant Petrobras (PETR4, PETR3) reported a R$17 billion loss in the fourth quarter of last year, a sharp contrast to the R$31 billion net profit recorded in the same period of 2023.
Earnings per share (EPS) for the quarter stood at a loss of R$1.30. When combined with results from the previous three quarters, the company posted a 12-month EPS of R$5.23, significantly below market expectations.
2024 Performance
For the full year, Petrobras recorded a net profit of R$36.6 billion, marking a 70.6% decline from 2023. This downturn follows a stellar R$124.6 billion net profit in 2023, the second-largest in the company’s history.
Despite the profit slump, Petrobras maintained a robust operating cash flow of R$204 billion for the year.
Dividends ahead.