In the four years of the Jair Bolsonaro (PL) government, Petrobras accumulated a profit of R$ 358.3 billion ($ 68 billion), in values corrected by the inflation rate, which led the company to distribute a total of R$ 289 billion ($ 55 billion) in dividends, almost six times more than the average of the last four governments. The strategy of concentrating activities in the pre-salt layer and selling assets in areas considered non-priority pleased the financial market, but became the target of criticism from unions and the then opposition, which now in government promises to change the company's focus.
According to a survey carried out by Einar Rivero, from TradeMap, the profit accumulated by Petrobras in the Bolsonaro government is 2.6 times the average of the last four governments, already considering the inflation of the period —the account adds up the results of the beginning of Dilma Rousseff’s second term and the Michel Temer years.
With the promise of generating value for investors, the state-owned company distributed 5.8 times more dividends and fell in favor of the financial market by becoming one of the companies that best remunerate shareholders in the world. The amount distributed represents 80% of the company's total profit. The highest ratio in previous administrations could be observed in the first Dilma government when the company returned to shareholders an amount equivalent to almost half of the profit. The ratio between high dividends and low investment, which was equivalent to just one-third of the average of the last four governments, is one of the main targets of criticism from the Luiz Inácio Lula da Silva (PT) government and its allies.
"Petrobras, instead of investing, decided to reward minority shareholders with R$ 215 billion ($ 41 billion), with a profit of R$ 195 billion ($ 37 billion).
And how much was Petrobras' investment? Almost nothing", criticized the President of the Republic, after the state announced the biggest profit in the history of Brazilian public companies. The strategy of selling assets and prioritizing investments in the pre-salt layer was initiated during the Michel Temer administration, who replaced Dilma Rousseff after her impeachment in 2016, and reinforced after Bolsonaro took office.
Translated by Cassy Dias