Petrobras has the highest profit among major oil companies while Brazil’s population is impoverished

Brazilian conservative President Jair Bolsonaro has criticized the oil company's profits as 'rape'. Left-wing presidential candidate Luiz Inácio Lula da Silva said it was important for the shareholder to receive his dividend when Petrobras made a profit, but one should not enrich the shareholder and impoverish the housewife.

RIO DE JANEIRO, BRAZIL - Brazil's state-owned company Petrobras, one of the largest oil companies in Latin America, posted a profit of US$8.6 billion in Q1 2022, ranking second in profit-to-revenue ratio.

Petrobras converted 31.6% of its revenues into profits in 1Q2022. The Brazilian state-owned company is the second most profitable among the major oil companies analyzed by Poder360. It is surpassed only by China's CNOOC, which generated a profit of 37.7% of revenues during the period.

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