Petrobras makes payment of R$ 24 billion in dividends this Monday (20)

THE Petrobras this Monday (20th) the payment of around R$ 24 billion in dividends for its shareholders, including the federal government, which will receive approximately R$ 8.8 billion.

According to the state-owned company, the payment represents the 1st installment of the remuneration to shareholders that was approved by the Board of Directors on May 5 this year. The second installment will be paid on July 20, totaling R$48.5 billion.

The amount paid is R$1.85 per outstanding common and preferred share, taking into account the shareholding position on May 23. There is also the payment of interest on equity (JCP), of R$ 0.43 per share.

The company informs that the amount referring to the JCP paid will be subject to income tax at source, with the exception of exempt shareholders or domiciled in countries or jurisdictions legally released from the collection.

For holders of New York Stock Exchange Traded Receipts (ADRs), payment will begin on June 27.

If shareholders do not claim dividends and interest on equity within three business days from the date of payment, the amount is returned to the company.

One CNN survey points out that, between 2020 and 2021, the transfer to the majority shareholder group formed by the Union and other federal entities, such as the BNDES , jumped from R$ 2.5 billion to R$ 27.1 billion, an increase of almost 1,000%. This year, the partial until July is R$ 32 billion.

The growth is linked to the jump in Petrobras’ profit due to the increase in the prices of fuels which follows the advance of the price of the Petroleum at an international level caused by the pandemic and the war in Ukraine, in addition to the sale of some assets and a process of recovering the company’s accounts.

In the first quarter of 2022, the company’s net income was BRL 44.5 billion, a 3,000% jump compared to the same period in 2021. The result was criticized by President Jair Bolsonaro who said that “who pays the bill is the Brazilian population”.

“It is unacceptable for Petrobras to make huge profits during a crisis, this is a crime. Who pays the bill for Petrobras’ profit is the Brazilian population. I’m not in charge and I won’t interfere with the state-owned company, this is irresponsible and is discarded. If there is one more fuel increase, Brazil could go bankrupt,” he said.

Also this Monday, the president of the state-owned company, José Mauro Ferreira Coelho, resigned after a series of criticisms from Bolsonaro and the president of the Chamber, Arthur Lira, due to the announcement of a new readjustment in diesel and gasoline. It will be temporarily replaced by Fernando Borges .