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The Brazilian government expects Petrobras (New York Stock Exchange: BBR) will Cash out all of its extraordinary profitsAccording to revenue forecasts for this year, Reuters reported late Wednesday.
Petrobras (PBR) shareholders last month voted in favor of a 50% distribution of extraordinary shares The dividends relate to its results for the year 2023, stressing that the remaining 50% will be kept in a fund for future disbursement, which the government indicated may happen by the end of this year.
Brazilian Treasury Secretary Rogerio Ceron said in a press conference that the company's announcement “is enough for us to consider it as a possible distribution scenario.”
Ceron said the bi-monthly revenue and expenditure report issued by the government's planning and finance ministries raised estimates of this year's dividend income by 14.3 billion reais (about $2.78 billion), with 13 billion reais expected from Petrobras (PBR).
Petrobras' (PBR) payout of additional dividends was marked by tit-for-tat decisions after the company's government-controlled board withheld the entire dividend in March, which caught markets by surprise.