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Petrobras’ Dividends Increased by Nearly 1,000% Compared to the Previous Year
Petrobras announced in recent days that the state-owned company managed to collect more than R$ 200 billion in taxes for the federal coffers, according to a statement by Rodrigo Araújo, the company’s Chief Financial Officer. This amount increases even more when added to the dividends, resulting in an impressive total of R$ 230 billion returned to society.
In previous years, the oil company also managed to expand its total revenue margin. In 2020, the profit obtained was R$ 7 billion, which jumped to R$ 106.6 billion in 2021. This jump marked a 1,400% increase from one year to the next. In addition, in 2021, Petrobras recorded a 66.4% increase in its revenue compared to 2020, amounting to a total of R$ 452.6 billion. To learn more about where this money is invested, continue reading.
Learn More About Petrobras’ Dividends Increase to the Union in the Video Below
The Oil Company Argues That Taxes Are Reverted into Benefits for Society, But Experts Point Out That the Price Parity Policy Contributes to Inflation
As a result of the recent fuel price adjustments, Petrobras is facing pressure from all sides and, to defend itself, claims that the payment of taxes and dividends to the Union is converted into benefits for Brazilian society. In this way, the oil company justifies the prices practiced in accordance with the Price Parity Policy, which it advocates, to remain competitive in the international market and achieve these billion-dollar figures for the Union.
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However, Deyvid Bacelar, coordinator of the United Federation of Oil Workers (FUP), provides some analysis regarding this scenario. First, he points out that the state-owned company invested only R$ 47 billion, against a distribution of R$ 101.4 billion in dividends to shareholders. In other words, less than half.
Additionally, Bacelar points out that these striking numbers were only possible due to the Price Parity Policy (PPP) being adopted and defended by the state-owned company. He further emphasizes that this policy is very beneficial for shareholders, but brings losses to the Brazilian population, as it contributes to rising inflation with the increase in the price of petroleum derivatives.
“Petrobras had a profit of R$ 106 billion and distributed dividends of R$ 101.4 billion in 2021, representing the largest income transfer in history ever seen in Brazil. Thanks to the PPP, the prices of petroleum derivatives rose nearly 70% last year, pulling up Petrobras’ revenues of more than R$ 452 billion. A revenue [expansion] based on the PPP, that is, on the pocket of the Brazilian population.”
Deyvid Bacelar, coordinator of the United Federation of Oil Workers (FUP) in a statement to the press (2022)
This policy was created during Michel Temer’s government in 2016 and stipulates that the prices of fuels practiced in the domestic market should be based on import costs, involving logistics and port fees. During Bolsonaro’s government, this policy has been reinforced, but with milder adjustments now under the management of the new president, General Joaquim Silva e Luna.
After All, Where Does This Resource Go in the Union?
According to Law No. 9,530 of 1997, enacted during Fernando Henrique Cardoso’s government, resources obtained from the payment of dividends by entities of the Indirect Federal Public Administration, such as Petrobras, should be allocated for the payment and amortization of public debt.
Thus, the resources from Petrobras for the public coffers are currently allocated to the payment of public debt, but could have other destinations, such as investment in the oil production chain itself.
Petrobras’ CFO States That Dividend Distribution Will Continue and There May Be Additional Resource Allocation
In a meeting between Petrobras’ financial director and investors, he stated that the company will continue with dividend distribution to fulfill the agreed policy. However, regarding the distribution of these profits to the Union and public coffers, he stated that there may be an additional distribution.
“Obviously, depending on the price scenario, our commitment is to fulfill the policy (of dividends) and, eventually, having room for an additional distribution, our understanding is that the best capital allocation is indeed to effect an additional distribution.”
Petrobras CFO (2022) in a meeting with investors via videoconference
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