Sonangol disclosed its financial performance for the year 2023 last week, revealing a turnover of $10.9 billion and a net profit of $3.1 billion, a decrease from the $5.3 billion recorded in 2022.
The 41.5 percent drop in profits reflects a challenging year marked by global adversities, as emphasized by the oil company.
Despite facing multiple hurdles, Sonangol remains steadfast in its commitment to operational excellence.
In 2023, Sonangol’s turnover experienced a decline of 18.6 percent, totaling $10.9 billion compared to $13.4 billion in 2022.
The decrease is attributed to instability in the geopolitical environment, impacting market dynamics and leading to a reduction in the average selling price of Angolan raw materials, notably crude oil, which dropped to $82.04 per barrel from $102.21 in 2022.
The company’s consolidated EBITDA reached $3.2 billion, with investments amounting to approximately $2 billion, primarily directed towards projects in the primary value chain and renewable energy initiatives.
Notably, investments increased by 41 percent compared to the previous year, underscoring Sonangol’s strategic focus on market consolidation and sustainable growth.
Gaspar Martins, Chairman of the Board of Directors of Sonangol, provided updates on key infrastructure projects during a press conference commemorating the company’s 48th anniversary.
Martins affirmed the completion timeline for the Cabinda Refinery and the Barra do Dande Ocean Terminal, with both projects expected to conclude in the second half of the current year.
The Cabinda Refinery, currently at 49 percent physical execution, is slated to process 30 thousand barrels of oil per day in its initial phase, with plans for doubling capacity in the subsequent phase.
Meanwhile, the Barra do Dande Ocean Terminal, at 70 percent completion, will play a pivotal role in storing strategic reserves within the national territory, thereby enhancing operational efficiency and security.
Martins emphasized the importance of processing oil domestically, aiming to achieve a target of 425 thousand barrels per day in Angola.
He acknowledged challenges in fuel supply, particularly in provinces like Cabinda, Zaire, and Cunene, reiterating Sonangol’s commitment to addressing distribution issues and ensuring nationwide coverage.
In light of ongoing restructuring efforts, Martins highlighted the company’s adaptive approach to aligning with both internal and external realities, emphasizing the need for continuous optimization and responsiveness to changing circumstances.
