The consolidated net income of state-owned oil company Sonangol amounted to 2.1 billion dollars in 2021, the best result in eight years and an increase of 152 percent over the previous year.
According to the statement released this Wednesday by Sonangol, on the day it published its 2021 report and accounts, it was “a substantially robust economic and financial result, the result of excellent operational performance” that results from the measures taken, namely cost rationalization, as well as favorable macroeconomic conditions.
Among these, the average price of crude oil stands out, which led to crude oil produced by Sonangol being sold at 71 dollars per barrel, which compares with the 41 dollars recorded in 2020.
Consolidated turnover was around 8.9 billion, an increase of 46 percent over the previous year.
Consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) reached 3.4 billion, 70 percent above the same period last year.
The net result of around 2.1 billion represented “the best performance of the Sonangol Group since 2014, when it still played the role of national concessionaire”.
