State-owned Sonangol recorded a net profit of $1.356 billion (1.1 billion kwanzas) for the 2023 fiscal year, continuing its recovery trajectory over the past three years, according to the Annual Report and Accounts released on Monday.
Despite remaining “positive,” the profits represented a 27.7% decrease compared to the same period in 2022, when the company reported $1.8 billion (1.5 billion kwanzas).
This decline was attributed to various factors, including a decrease in global oil prices, which impacted Sonangol’s consolidated turnover relative to 2022.
The report indicated that, despite the challenges faced, Sonangol maintained a solid performance throughout 2023, achieving a turnover of 7.8 billion kwanzas, an EBITDA of 2.5 billion kwanzas, and a consolidated net result of 930,022 million kwanzas.
Operationally, Sonangol emphasized its strengthened position as an operator in the primary crude oil and natural gas value chain, marked by increased production in operated blocks and satisfactory recovery of well activity, aiming for domestic self-sufficiency.
Additionally, the company highlighted the complete elimination of audit reserves in subsidiaries within its core segment, along with a continuous reduction in the materiality of existing audit reserves, a point noted in the Independent Auditor’s Report.
Sonangol remains committed to fully eliminating audit reserves in the non-core segment in the medium term.
