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Record R$76bn dividend payout by companies

Document Citado por Related
Vincent
Data de publicação26 Março 2024
Companies listed on B3, Brazil’s main stock exchange, distributed R$76.68 billion in dividends in the first quarter of 2024, setting a new record, according to a survey by the Meu Dividendo platform. Petrobras led the distribution, paying out R$17.89 billion in dividends during the period Despite the uncertainty following the announcement of withholding extraordinary dividends, Petrobras increased its dividend payout by 28% from January to March 2024 compared to the same period last year. The survey accounts for dividends paid by companies in the first three months of the year, regardless of when the dividend was announced Gustavo Cruz, chief strategist at RB Investimentos, believes that the record dividends reflect an improvement in companies’ financial situations. "In 2022, companies suffered significantly. Many did not anticipate such a sharp rise in interest rates and had incurred debt during the pandemic when rates were still low. Therefore, 2022 was a challenging year for debt reorganization. But in 2023, we’re already seeing a more organized situation." Mr. Cruz is curious about the future behavior of state-owned companies. "It’s uncertain if there will be any unexpected changes. The president of Banco do Brasil has confirmed the continuation of their payment policy, but Petrobras’s stance is still unknown," he commented For Petrobras, expectations are that the company will adhere to the minimum rule for paying ordinary dividends this year, which is 45% of free cash flow minus investments, according to Ilan Arbetman, an analyst at Ativa Investimentos. "We anticipate R$4.33 per share for the 2024 fiscal year, approximately R$56.6 billion. With oil priced at $80, the company is well-positioned to maintain its gross debt below $65 billion and thus continue to distribute earnings according to the rule." For 2025, the analyst expects "reasonable distributions", with Petrobras projected to distribute a total of R$51.9 billion, or R$3.98 per share Itaú Unibanco paid its shareholders R$16.62 billion in dividends in the first quarter, marking a 204% increase year-on-year. In March, the bank announced an extraordinary dividend of R$11 billion based on the 2023 results....

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