Search Site

Trends banner

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Petrobras 2021 profit hits $20bn

Petrobras posted a record net profit of nearly $20 billion in 2021. AFP File Photo
  • Net profit for the final quarter last year came in at $5.64 billion, bringing 2021's total to $19.88 billion
  • Petrobras said this was a stark contrast to 2020's total of just over $1 billion due to effects of the pandemic

Brazilian state-run oil company Petrobras announced on Wednesday it posted a record net profit of nearly $20 billion in 2021.

Net profit for the final quarter last year came in at $5.64 billion, bringing 2021’s total to $19.88 billion, the company said, a stark contrast to 2020’s total of just over $1 billion due to effects of the pandemic.

“This increase is mainly due to the 70 percent increase of the price of a barrel of Brent crude oil in this period, higher sales volumes in the domestic market and higher margins in the derivatives market,” Petrobras, a Brazilian publicly-owned company, said in a statement.

The post-pandemic economic recovery also contributed to the increase of sales in Brazil, the group said.

The 2021 final quarter’s net profit was down from the third quarter’s net of $5.94 billion and down 51 percent from the final quarter of 2020.

The company’s debt was reduced to $47.62 billion in 2021 from $63.17 billion the year before.

Petrobras produced 1.77 billion barrels of oil equivalent per day last year, down 2.2 percent from the previous year.