Advanced Theory & Practice of Bonds

Recognized under IBF-FTS | 7-8 June 2022 | 12 CPD Hours

Comprehensive 2-day course on bonds designed for private bankers, wealth managers and advisors.

Brazil’s Petrobras reported record high annual profits of BRL 106.7bn ($21.3bn) for 2021, way over analyst estimates of BRL 74.3bn ($14.8bn), boosted by one-off items including asset disposals and impairment revisions, excluding which recurring net income stood at BRL 83.29bn ($16.6bn). This was on sales of BRL 452.67bn ($90.35bn), up 66% YoY on the back of higher oil prices. For Q4, Petrobras reported sales of BRL 134.19bn ($26.8bn), up 79% YoY and recurring profits of BRL 23.80bn, up 37% YoY. Prior to the results release, the company said that it will propose a supplementary dividend of BRL 2.861/share at its April shareholders meeting. This would bring the total 2021 dividend to BRL 7.773/share or BRL 101.4bn ($20.2bn), an all-time high. In its earnings release, Petrobras said that it has achieved its gross debt target of $60bn 15-months in advance, which takes the net debt/EBITDA to 1.1x. On the operational front, the state-owned company reported an average total utilization factor of 88% and 83% for Q4 and 2021 respectively, the highest in five years indicating improved efficiency at its plants.

Petrobras’ 5.6% 2031s traded 0.7 points lower to 101.35 to yield 5.4%.
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