Transpetro posts 74 per cent growth in annual net profit

Transpetro, the logistics subsidiary of Brazil's state-run oil company Petrobras, on Wednesday reported a 74 per cent increase in its net profit for 2024, even as its parent firm's profit fell due to non-recurring events in the period.

Transpetro said its profit rose to 866 million reais ($148.95 million), boosted by new businesses and the renegotiation of some contracts. Its revenue grew almost eight per cent from 2023 to around 14 billion reais.

"The increase in net profit proves our efficiency and highlights the strategic direction we have taken to expand our offer of logistics services," the head of Transpetro, Sergio Bacci, said in a statement.

In 2024, Transpetro said it invested 420 million reais and commissioned several vessels in a move aiming to revitalize the Brazilian maritime industry and generate local jobs, in line with the government's goals.

Beyond Petrobras, Transpetro also provides services to fuel distributors, to the petrochemical industry and other oil and gas firms in Brazil, with over 180 clients, the company said.

(Reporting by Marta Nogueira, writing by Fabio Teixeira; Editing by Sonali Paul)